SYNNEX (SNX) Stock Forecast & Price Target

TD Synnex is benefiting from broad-based demand across endpoint, advanced, and Hyve solutions, with fiscal Q2/26 non-GAAP gross billings of $28.9 billion and revenue of $19.6 billion both materially ahead of forecasts, while non-GAAP EPS of $4.86 and adjusted EBITDA of $644.6 million also exceeded expectations. Management’s commentary showed no demand destruction despite price increases, and aggressive inventory buying helped protect customers and support share gains, reinforcing confidence in durable growth. The outlook is further strengthened by Hyve’s underappreciated AI infrastructure opportunity, including new programs with all five major US hyperscalers and expanding high-margin mix that could lift earnings power and margin profile through fiscal 2026 and fiscal 2027.

TD Synnex is facing a fragile setup because even the bullish framework depends on fiscal 2026 adjusted EBITDA of $2.08 billion and still acknowledges that shares are trading above the stated valuation reference, suggesting limited margin for error. The downside case already assumes about a 10% EPS hit from margin headwinds tied to growth investments and softer cloud end-market growth, which points to earnings quality pressure rather than just cyclical noise. Added risks from slower-than-expected growth, ASC 606 accounting distortion, supply chain constraints, a deteriorating PC market, and a delayed Networking recovery reinforce a cautious fundamental view.