SYNNEX (SNX) Stock Forecast & Price Target

TD Synnex is well positioned for durable fundamental improvement because fiscal Q2/26 delivered a broad-based beat, with non-GAAP EPS of $4.86, gross billings of $28.9 billion, and revenue of $19.6 billion, all aided by 33% year-over-year billings growth and 31% revenue growth. Management reported no signs of demand destruction despite price increases, while aggressive inventory buying helped cushion customers and support share gains across endpoint, advanced solutions, and the fast-growing Hyve business, which rose 120% in gross billings and 49% in revenue. The balance sheet remains manageable at 2.1x gross leverage and 1.6x net leverage, and fiscal Q3/26 guidance still implies 22% midpoint gross billings growth and 26% midpoint EPS growth, reinforcing confidence in continued earnings momentum.

TD Synnex is facing a softer near-term operating setup, with fiscal Q2/26 non-GAAP EPS expected at $4.00, 3% below FactSet consensus, and adjusted EBITDA of $542.6 million, also 2% below consensus. Despite year-over-year gains of 34% in EPS and 22% in EBITDA, both metrics are projected to decline sequentially, while EBITDA margin is expected to compress from 3.6% to 3.1%, signaling weakening profitability momentum. The company’s supply chain business remains inherently lumpy and exposed to supply constraints, ASC 606 noise, deteriorating PC demand, and a slower-than-expected Networking recovery, which supports a negative outlook.