Analyst Consensus ?
ConsensusBuy18 ratings
Bullish1372.2%
Neutral527.8%
Bearish00.0%
CDW Corporation · CDW · FY2024 Q3 · Calendar Q4 2024
CDW: Cloud growth offsets, but hardware weakness lowers guidance
CDW's cloud, SaaS and services growth is helping offset weak hardware demand, but the current analysis points to a more cautious near-term outlook as delayed infrastructure deals, pricing pressure and fixed-cost alignment weigh on results.
Reported Before market openNASDAQTechnology
$19.29B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.63
Consensus $2.86
EPS surprise
-8.0%
Reported versus consensus
Reported revenue
$5.52B
Consensus $5.72B
Revenue surprise
-3.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.3%
Event window
SPY move
-0.3%
Same window
Abnormal move
-11.0%
Stock minus SPY
Volume
3.8×
Versus trailing sessions
Subsequent drift
-9.4%
Up to 20 sessions
CDWSPY benchmark
Ask FN2 about CDW FY2024 Q3
Transcript, numbers and history already loaded
Why did CDW fall 11.3% after missing EPS estimates in FY2024 Q3?What changed in CDW's guidance and outlook in FY2024 Q3?Give me the bull and bear case for CDW after FY2024 Q3 earnings.
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis shows weaker hardware demand, delayed larger deals, a 2% workforce reduction and lowered guidance. Cloud, SaaS and services remain the principal offsets, while management continues to emphasize digital capabilities and higher-margin offerings.
Guidance delta
Guidance sentiment moved from maintained in the prior-quarter analysis to lowered in the current analysis.
Key takeaways
- Hardware weakness reduced revenue and gross profit, while cloud, SaaS and services provided partial offset.
- Management cited delayed larger infrastructure deals, particularly in the federal sector, and expects a flat U.S. IT market in 2024.
- The company is reducing fixed costs while continuing investment in cloud, digital tools and higher-margin services.
Management priorities
- Expand cloud, SaaS and managed-services offerings.
- Invest in digital tools, technical expertise and customer experience.
- Evaluate capability-enhancing M&A while continuing capital returns.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$151.69Current
$130Low
$183.67Average
$270High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 21, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | May 27, 2026 |
| UBS | Buy | Buy | Maintain | May 7, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 7, 2026 |
| Raymond James | Strong Buy | Outperform | Upgrade | Nov 25, 2025 |
| Stifel | Buy | Buy | Maintain | Jul 17, 2024 |
| Northcoast Research | Buy | Neutral | Upgrade | Jun 7, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 4, 2023 |
| B of A Securities | Neutral | Buy | Downgrade | Apr 19, 2023 |
| CFRA | Hold | Hold | Maintain | May 7, 2020 |
| Bank of America | Buy | Buy | Maintain | Jul 30, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Apr 17, 2019 |
| Baird | Outperform | Neutral | Upgrade | May 9, 2017 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 4, 2016 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 1, 2015 |
| RBC Capital | Outperform | Outperform | Maintain | May 8, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $151.68. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $150 | $152.38 | -1.1% | Sep 8, 2026 |
| Morgan Stanley | Erik Woodring | $171 | $140.89 | +12.7% | Aug 6, 2026 |
| Morgan Stanley | Erik Woodring | $170 | $123.57 | +12.1% | Jun 23, 2026 |
| RBC Capital | Analyst unavailable | $130 | $108.59 | -14.3% | May 27, 2026 |
| UBS | Analyst unavailable | $147 | $113.08 | -3.1% | May 7, 2026 |
| Barclays | Analyst unavailable | $123 | $109 | -18.9% | May 7, 2026 |
| Raymond James | Analyst unavailable | $150 | $111.17 | -1.1% | May 6, 2026 |
| UBS | Analyst unavailable | $162 | $138.08 | +6.8% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $144 | $138.08 | -5.1% | Feb 5, 2026 |
| Evercore ISI | Analyst unavailable | $180 | $127.51 | +18.7% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $141 | $131.75 | -7.0% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $177 | $145.02 | +16.7% | Dec 17, 2025 |
| Raymond James | Adam Tindle | $185 | $141.92 | +22.0% | Nov 25, 2025 |
| UBS | Analyst unavailable | $190 | $142.21 | +25.3% | Nov 5, 2025 |
| Barclays | Analyst unavailable | $148 | $141.66 | -2.4% | Nov 5, 2025 |
| Citigroup | Asiya Merchant | $245 | $226.3 | +61.5% | Oct 1, 2024 |
| Northcoast Research | Keith Housum | $270 | $224.24 | +78.0% | Jun 7, 2024 |
| J.P. Morgan | Analyst unavailable | $225 | $178.46 | +48.3% | Dec 20, 2022 |
| Stifel Nicolaus | Matthew Sheerin | $210 | $171.68 | +38.4% | Apr 18, 2022 |
| Morgan Stanley | Erik Woodring | $214 | $178.83 | +41.1% | Apr 4, 2022 |
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Start freeCompany context
Snapshot as of publicationCDW Corporation specializes in delivering comprehensive information technology services and products across North America and the United Kingdom. It strategically targets three core client divisions: corporate enterprises, small to medium-sized businesses, and public sector organizations. Their portfolio encompasses both individual hardware and software offerings, alongside sophisticated integrated IT solution packages. These comprehensive solutions span on-premise, hybrid, and cloud environments, addressing critical areas such as data center infrastructure, network management, digital workspace enablement, and robust security.…
Historical context
All CDW earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
| ASML ASML Holding N.V. | FY2026 Q3 · Calendar Q4 2026 | +20.4% | -3.9% | ASML: Record Q3, strong AI demand and broader capacity plans |
Latest beats and misses
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Get the CDW recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-16T14:20:43.635570+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T14:20:43.632822+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.