Industrial Technology & Distribution: Q2-26 Industrial Tech Round Up: Pre-Close Calls

Research evidence excerpt

Industrial Technology & Distribution: Q2-26 Industrial Tech Round Up: Pre-Close Calls

Equity Research

12 June 2026

Industrial Technology & Distribution

Q2-26 Industrial Tech Round Up:

Pre-Close Calls

This week we caught up with SYM, TEL, CGNX, CDW, SCSC, U.S. Industrial Technology & Distribution

and MANH; we lower FQ3 EPS at TEL, and highlight investor POSITIVE Unchanged

feedback on our APH deep dive, including CPO analysis and U.S. Industrial Technology &

Distributorsour PT Increase.

Guy Hardwick

+1 212 526 2120

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in both the guy.hardwick@barclays.com

Electrical Equipment & Multi-Industry category and the IT Hardware & Electronics BCI, US

Manufacturing Services category. View our Analysts » Vote 5 Stars for Barclays » Nick Igneri

+1 212 526 1632

We remain positive on CGNX, APH and MANH; our estimates for all three are solidly above

nicholas.igneri@barclays.com

consensus, and we see all three as AI winners. We remain OW TEL, but flag the set-up for DDN that BCI, US

investors should be aware of ahead of FQ3. Despite the recent underperformance by SYM shares

we remain UW. For IT Distributors CDW and SCSC we see the stocks as fairly valued with limited

upside to EPS near term.

APH (OW) In a recent detailed report we raised our estimates and PT (to $198 from $180) to

reflect increasing confidence in AI-driven content growth, particularly across NVIDIA platforms.

In our view, APH’s broad exposure across copper, optical, and power positions it well across

evolving architectures.

TEL (OW) We expect TEL to beat FQ3 EPS, but we lower our EPS estimates 2c to $2.85 as we

revise our DDN revenue from $892M to $837M ($847M cons.) as strong AI-driven demand (+60%