TD Synnex tumbles after reporting lower gross margin

By Reuters News

** Shares of U.S.-based IT distributor TD Synnex SNX.N fall 11.4% to $255

** Co posts Q3 gross margin of 6.61%, down from 7.22%, a year ago

** Gross margin was pressured by a higher mix of lower-margin infrastructure and AI-related sales, including large AI rack programs within co's Hyve infrastructure business - CFO said in an earnings call

** SNX posts Q3 adj. EPS of $5.68 and revenue of $21.56 bln, compared to analysts' estimates of $4.63 and $18.9 bln - data compiled by LSEG

** 11 of 13 brokerages rate the stock "buy" or higher and two "hold"; median PT is $330

** Including session's move, stock up 69.9%

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