Ingram Micro Holding Corporation has reclaimed ground above the May 7 Platinum Equity offering price, with a JP Morgan upgrade arriving just as the stock posts its best weekly gain since the post-earnings selloff.
The catalyst this week is unambiguous. JP Morgan's Samik Chatterjee — who held an Underweight since December 2025 — upgraded INGM to Neutral this morning and set a $27 target. That reversal matters because Chatterjee was the most prominent bear on the Street. The broader analyst picture remains cautious: all eight active ratings are Holds or equivalent, with the mean target at $31.42. Goldman Sachs raised its target to $30 in April. RBC sits at $33 with the lone Outperform. Truist lifted its target to $29 earlier this month. The direction of travel is upward revisions, but nobody is rushing to call this a buy.
The stock closed at $26.90 on Tuesday, up 5.2% on the week and marginally above the $24.96 secondary price that Platinum Equity set on May 7. That matters as a psychological anchor. Valuation is still undemanding — the PE is running near 7.8x and the EV/EBITDA is around 5.4x — but the bear case has always been about the sponsor overhang and margin compression, not the absolute multiple. Platinum still holds roughly 79% of shares outstanding after trimming 14.47 million shares on May 7 for $361 million. The supply question has not been resolved; it has merely paused.
Options positioning reinforces the cautiously constructive tone. The put/call ratio has collapsed to 0.077 — near its 52-week low of 0.033 — and runs more than a standard deviation below its 20-day average of 0.52. Traders are paying almost nothing for downside protection right now. The borrow market tells a similar story: availability is extremely loose at over 1,600% of short interest, and cost to borrow is near 0.48% after falling roughly 23% over the past month. Short interest is only 1.9% of the free float, up about 17% over the month but from a very low base. There is no meaningful short pressure here, and the lending market offers no friction to new sellers either.
The recent earnings pattern is worth watching. The April 30 print knocked INGM 7.9% on the day and 11.3% over the following week, despite a beat on sales and EPS. The May 13 event (a subsequent disclosure) produced only a 1.3% one-day move. The next scheduled earnings date is July 30. The Street's bull case centres on AI-driven hardware refresh, Xvantage platform margin expansion, and PC cycle tailwinds. The bear case acknowledges those same tailwinds but points to flat-to-down margins and a free cash flow conversion profile that keeps the stock at a peer discount. Closest comparable SNX gained 5.3% on the week in line with INGM, while PLUS was up 5.4% — the cohort is broadly recovering together rather than INGM leading a breakout.
The next test for this recovery is whether the JP Morgan upgrade draws in fresh institutional money before Platinum Equity's next secondary — and whether the July 30 earnings print can demonstrate the operating leverage that the current multiple prices in but the bears say won't arrive.
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