Goldman Starts TD SYNNEX (SNX) Coverage, Sees FY26 Billings Growth of 10%

TD SYNNEX Corporation (NYSE:SNX) is included among the 15 Dividend Growth Stocks with the Highest Growth Rates.

On January 13, Goldman Sachs analyst Katherine Murphy initiated coverage of TD SYNNEX Corporation (NYSE:SNX) with a Buy rating and a $180 price target. Goldman expects the company to keep growing at a healthy pace, projecting billings to increase 10% year-over-year in FY26. That outlook is based on about 9% growth in its core distribution business, plus roughly 15% growth in Hyve, which has become a faster-moving part of the story.

The initiation followed TD SYNNEX’s Q4 2025 earnings report on January 8, where the company delivered a strong finish to the year. Revenue came in at $17.4 billion, up 9.7% from the prior year and even topping the high end of management’s guidance. Cash generation was another standout. The company produced $1.5 billion in operating cash flow and $1.4 billion in free cash flow for the quarter.

TD SYNNEX Corporation (NYSE:SNX)  also used that cash strength to reward shareholders. During the quarter, it returned $209 million to investors, including $173 million through share buybacks and $36 million in dividends. Management described the quarter as a record-setter. TD SYNNEX said non-GAAP gross billings increased 15% year-over-year, while non-GAAP diluted EPS jumped 24%, both marking new highs for the company. Leadership credited those results to the strength of its diversified business model and steady execution against its longer-term strategy.

Looking ahead, the company said it feels well-positioned for the year, supported by its specialized approach, a technology portfolio geared toward higher-growth areas, and continued emphasis on delivering strong customer experiences.

TD SYNNEX Corporation (NYSE:SNX)  is a global distributor and solutions aggregator within the IT ecosystem, helping connect technology vendors with customers through distribution, services, and solutions.

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