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TD SYNNEX (SNX), Google Extend Alliance on Cloud Offering

Zacks Equity Research
·3-min read

TD SYNNEX SNX recently announced the expansion of its cloud solution portfolio with the Alphabet Inc.’s GOOGL Google Cloud offering in nearly 60 nations in Latin American, European and Asian region.

TD SYNNEX enables enterprise customers from 60 additional global markets, including Brazil, Mexico, Argentina and Uruguay to gain access to its cloud experts and solution portfolio incorporated with Google Cloud’s capabilities in artificial intelligence, machine learning, data analytics, infrastructure, collaboration and many more things. This will enable the business partners to generate positive business outcomes in the cloud market. The GOOGL Cloud solutions, devices and cloud infrastructure will enable enterprise clients to create new core competencies and boost business growth.

Alphabet’s Google Cloud provides users with a suite of cloud computing services that businesses can use to enhance productivity and workflow. It comprises Google’s infrastructure and data analytics platforms, collaboration tools, and other services for enterprise customers. Currently, it has 29 cloud regions and 88 availability zones. With the latest move, TD SYNNEX not only strengthens its existing partnership with Google Cloud, but also increases scalability and enhances its global reach.

SNX offers extensive resources to support organizations in building cloud practices and delivering cloud offerings, including Cloud Practice Builder programs, Rapid Risk Security Assessments, Google Cloud Migration Assessments, and a growing roster of professional and managed services. Coupled with Google Cloud offerings, devices and cloud infrastructure, TD SYNNEX positions partners to grow new core competencies and accelerate business growth.

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TD SYNNEX Corp. Price and Consensus

TD SYNNEX Corp. Price and Consensus
TD SYNNEX Corp. Price and Consensus

TD SYNNEX Corp. price-consensus-chart | TD SYNNEX Corp. Quote

SNX continues to witness strong demand for its technology products and services. A steady IT spending environment, backed by rapid digital transformations, is its upside. During third-quarter fiscal 2022, the company’s revenues jumped 194.9% year over year to $15.36 billion. This was driven by the inclusion of revenues from 2021’s merger of Tech Data Corporation.

However, TD SYNNEX’s near-term growth prospects are likely to be hurt as organizations push back their investments in big and expensive technology products on growing global slowdown concerns amid the present macroeconomic challenges and geopolitical tensions. Persistent inflationary pressure resulting to a substantial increase in component costs and wage is anticipated to hurt the company’s profitability in the next few quarters.

Zacks Rank & Key Picks

TD SYNNEX and Alphabet currently carry Zacks Rank #4 (Sell). Shares of SNX and GOOGL have decreased 14.8% and 38.3%, respectively, in the past year.

Some better-ranked stocks from the broader Computer and Technology sector are Celestica CLS and Fabrinet FN. While Celestica sports a Zacks Rank #1 (Strong Buy), Fabrinet carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Celestica’s fourth-quarter 2022 earnings has increased by 9 cents to 53 cents per share over the past 60 days. For 2022, earnings estimates have risen 16 cents to $1.86 per share in the past 60 days.

CLS' earnings beat the Zacks Consensus Estimate in all the preceding four quarters, the average surprise being 11.8%. Shares of the company have increased 2.8% in the past year.

The Zacks Consensus Estimate for Fabrinet's second-quarter fiscal 2023 earnings has been revised 16 cents northward to $1.89 per share over the past 60 days. For fiscal 2023, earnings estimates have improved by 7.6% to $7.48 per share in the past 60 days.

FN’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters and missed the same once, the average surprise being 5.4%. Shares of the company have risen 7.2% in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Celestica, Inc. (CLS) : Free Stock Analysis Report

TD SYNNEX Corp. (SNX) : Free Stock Analysis Report

Fabrinet (FN) : Free Stock Analysis Report

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research