NEW YORK (TheStreet) -- Shares of Synnex Corp. (SNX) are down -6.44% to $69.71 on very heavy trading volume after the business process services firm said last night that it expects adjusted third quarter earnings of $1.45 to $1.50 a share on revenue of $3.3 billion to $3.4 billion.
Analysts forecast $1.53 a share on revenue of $3.29 billion.
Despite that adjustment, the company reported adjusted second quarter earnings of $1.52 on revenue of $3.45 billion.
Analysts surveyed by FactSet estimated $1.37 a share on revenue of $3.17 billion.
This morning, Citigroup (C) said Synnex continues to be its top small cap pick, attributing the current sell off to the company's conservative outlook.
The bank is maintaining its "buy" rating on the stock with an $85 price target.
Separately, TheStreet Ratings team rates SYNNEX CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SYNNEX CORP (SNX) a BUY. This is driven by a number of 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, solid stock price performance, attractive valuation levels, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."