Analysts Stay Cautious but See Big Upside for Insight Enterprises, Inc. (NSIT)

Insight Enterprises, Inc. (NASDAQ:NSIT) is among the best hardware stocks to buy according to analysts. As of December 8, consensus reflects a cautious outlook for Insight Enterprises, Inc. (NASDAQ:NSIT) as 60% of the analysts covering the stock have assigned it a‘Hold’ or equivalent rating. That said, the consensus 1-year median price target of $117 implies a potential upside of 38.89%.

According to TheFly, Luke Morison from Canaccord began coverage of Insight Enterprises, Inc. (NASDAQ:NSIT) on November 19, assigning a ‘Hold’ rating and a $100 price target, implying nearly 18% upside from the current price.

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Earlier on October 30, Insight Enterprises, Inc. (NASDAQ:NSIT) announced its third-quarter results, with EPS and revenue outperforming expectations. The company reported an EPS of $2.43, missing the estimate by $0.06, and delivered revenue of $2 billion, lagging the forecast by $0.15 billion. Yet, the company’s focus on AI and cybersecurity, as evident by recent acquisitions, positions it well in the emerging sectors, management outlined.

Looking ahead, Insight Enterprises, Inc. (NASDAQ:NSIT) expects a modest improvement in demand from large clients. Management has guidance of a flat gross profit for hardware and a slight increase in cloud services. With this in mind, the full-year EPS projection is $9.60 to $9.90.

Insight Enterprises, Inc. (NASDAQ:NSIT) is an Arizona-based provider of information technology, hardware, software, and related services. Founded in 1988, the company is committed to “accelerating digital transformation.”

While we acknowledge the potential of NSIT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NSIT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.