TD SYNNEX F2Q26 Review: Resilient Distribution Demand Combines with Continued Hyve Momentum to Lift Outlook; Reit. OW

研报英文原文证据摘录

TD SYNNEX F2Q26 Review: Resilient Distribution Demand Combines with Continued Hyve Momentum to Lift Outlook; Reit. OW

J P M O R G A N North America Equity Research

26 June 2026

TD SYNNEX

F2Q26 Review: Resilient Distribution Demand Overweight

Combines with Continued Hyve Momentum to Lift SNX, SNX US

Outlook; Reit. OW Price (25 Jun 26):$277.63

▲Price Target (Dec-26):$325.00

Prior (Dec-26):$298.00

TD Synnex (SNX) delivered a strong beat on both revenue and earnings in F2Q26,

with results driven by both Distribution and Hyve. In Distribution, demand IT Hardware/ Telecom & Networking

Equipmentremains resilient, if not robust, with limited signs of demand destruction despite

rising component costs and ASPs, as units grew across major hardware categories, Joseph Cardoso AC

including PCs. Management also noted that the broad-based OEM price increases (1-212) 622-9036

joseph.cardoso@jpmchase.com

taken from the end of 2025 into 2026 are only now starting to kick in and are

expected to accelerate in F3Q26, acting as a delayed tailwind as the company Akanksh Chauhan

(1-212) 622-0045

works through inventory. Importantly, the team flagged additional price increases akanksh.chauhan@jpmorgan.com

coming in F3Q26, most pronounced in server, storage, and PCs (more limited for

Manmohanpreet Singh

Networking), with the benefits likely to begin materializing in F4Q26. On the flip (1-212) 622-4527

side, management highlighted risk around component availability, particularly manmohanpreet.singh@jpmchase.com

memory and CPU, which has been embedded into the F3Q26 guide. Meanwhile, Marc Vitenzon

in Hyve, growth was driven primarily by programs with "legacy" customers, with (1-212) 622-3342

the third hyperscaler now in the early stages of its ramp.