TD Synnex: Hyve And Distribution Are Both Pulling The Story Forward

The article is bullish on TD SYNNEX’s outlook, arguing that a strong Q2 2026 and accelerating AI-related demand are improving earnings visibility and supporting valuation expansion for SPCX.OQ. Revenue rose 31% year over year and adjusted EPS increased 62%, while Hyve became a larger profit driver with 117% y/y adjusted gross billings growth. The Distribution segment also remained healthy, posting 22% y/y gross billings growth and benefiting from strategic wins such as HPE’s global partnership. The author raised the price target to $342, citing higher FY28 EPS estimates and a higher justified multiple. Main risks remain uneven Hyve growth and weak cash conversion, which could limit multiple rerating.