SNX: Accelerating Hyve Growth Drives Upward Revisions

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SNX: Accelerating Hyve Growth Drives Upward Revisions

RBC Capital Markets, LLC

David Paige (Analyst)

(646) 703-1063, david.paige@rbccm.com

Ashish Sabadra (Analyst)

(415) 633-8659, ashish.sabadra@rbccm.com

William Qi (AVP)

(646) 618-6963, william.qi@rbccm.com

June 9, 2026

TD SYNNEX Corporation Outperform

NYSE: SNX; USD 272.80RESEARCH Accelerating Hyve Growth Drives Upward Revisions Price Target USD 315.00 ↑ 250.00

Our view: Hyve represents an underappreciated asset with several Scenario Analysis* potential upside catalysts. Revenue acceleration stems from new programs

with all 5 major US hyperscalers (~$1bn+ opportunity each), and expanding Downside Current Price Upside

program with existing customers along with growing hyperscaler AI Scenario Price Target Scenario

infrastructure capex investments, should meaningfully accelerate growth 200.00 272.80 315.00 380.00

starting in late FY26/FY27. We target 40% margin contribution by FY27 (vs 27% 16% 39%

27% in 1Q26), potentially conservative given Hyve's diversified customer *Implied Total ReturnsEQUITY base, expanding programs, traditional compute focus, and new leadership. Key Statistics

We're raising estimates above consensus and increasing our price target to SharesDividend:O/S (MM): 79.40.44 MarketYield: Cap (MM): 21,6670.2%

$315 (from $250) based on our SOTP framework derived 15.5x PE multiple. Avg. Daily Volume: 716,659

RBC Estimates Key points:

Hyve accelerating growth opportunity. Hyve appears well positioned FY Nov 2025A 2026E 2027E 2028E Revenue 62,508.1 68,962.3 73,070.8 77,484.0

to accelerate growth as the only US-based contract manufacturer/ODM Prev. 68,574.0 72,002.7 75,602.8

with programs across all five major US hyperscalers. We estimate each EBIT, Adj 1,785.0 2,168.0 2,457.0 2,762.0