CDW Corporation (CDW) PT, Estimates Raised at Needham & Company

Needham & Company analyst Richard Kugele reiterated a Buy rating and raised his price target on CDW Corporation (NASDAQ: CDW) to $32.00 (from $30.00) following strong Q1 results.

Kugele comments, "We reiterate our Buy rating on CDW and increase our price target to $32 from $30 as we apply a blended 13x C15 P/E & 9x C15 EV/EBITDA. The company’s strategy of disciplined growth, coupled with vertical and vendor diversification continues to pay dividends. This was particularly evident in storage, where the company compensated for weakness in traditional storage systems with robust growth in next-generation flash/hybrid solutions and converged systems. Looking forward, we expect strong EPS growth as they continue to drive topline performance through share gains and further de-levering of the balance sheet."

The firm raised FY 2014 EPS from $1.83 to $2.19 and FY 2015 EPS from $2.34 to $2.42.

For an analyst ratings summary and ratings history on CDW Corporation click here. For more ratings news on CDW Corporation click here.

Shares of CDW Corporation closed at $28.68 yesterday.

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