NEW YORK (TheStreet) -- Shares of Ingram Micro  (IM)  are down 2.68% to $22.85 in midday trading Thursday after Barclays downgraded its rating to "equal weight" from "overweight' and reduced its price target to $26 from $29.

Ingram Micro is a global information technology supply-chain management, mobile device lifecycle services and logistics solutions.

"While the trend in dollar appreciation, particularly against the euro, has been well documented now, we are increasingly concerned that this last move down toward parity could have a more fundamental impact. The move in the currencies means re-pricing of many transactional products like PCs, servers, printers etc. needs to be redone and rethought," analysts said.

PC and server sales can get impacted as U.S.-based companies can no longer fund lower prices with FX translation benefits, the firm noted, adding that printer companies can't lower prices of hardware without penalty while seeing exchange benefits on high margin supplies sold in the region. 

"In that sense, the euro becomes fundamental, though perhaps on a lag to the actual movement in the spot rate," Barclays explained.

Although downside may be limited, Barclays analysts still thought it prudent to lower ratings for Ingram given that this phenomenon could keep them range-bound.

Unless there is a very strong and unique fundamental driver to overcoming FX weakness, such as with Apple's (AAPL) - Get Report historic iPhone 6/6+ cycle and the launch of the Apple Watch, analysts said that companies in this sector are not likely to outperform.

Separately, TheStreet Ratings team rates INGRAM MICRO INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate INGRAM MICRO INC (IM) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

You can view the full analysis from the report here: IM Ratings Report