SYNNEX (SNX) Stock Forecast & Price Target

TD Synnex Corp demonstrated robust performance in fiscal Q3/25, with non-GAAP gross billings increasing by 12% year-over-year, signaling strong demand in the IT distribution sector. For fiscal Q4/25, management projects non-GAAP gross billings to be in the range of $23.0-24.0 billion, reflecting an 11% year-over-year increase at the midpoint, alongside a non-GAAP EPS expected to rise by 20% year-over-year. Additionally, the positive trend continues into Q4/25, with reported gross billings expected to grow by 15% year-over-year on a reported basis, indicating ongoing strength in both revenue and earnings potential.

TD Synnex Corp has reduced its fiscal 2026 non-GAAP EPS forecast, indicating potential challenges in earning growth. Additionally, the company's free cash flow outlook for fiscal 2025 is significantly lowered to $800 million from a prior estimate of $1.1 billion, highlighting a contraction in cash generation ability. Furthermore, a mixed sales product offering has negatively impacted revenue across its geographical segments, with declines ranging from 3% to 10% compared to fiscal Q4/24, underscoring pressure on overall sales performance.