雷蒙德·詹姆斯（Raymond James）下调公司评级，ScanSource股价下跌

ScanSource (NASDAQ:SCSC) stock fell ~3% in premarket trade after Raymond James downgraded the firm to Market Perform.

"We are downgrading SCSC to Market Perform from Outperform as shares hover near our price target following a 20%+ run year-to-date that now pushes most valuation metrics to multiyear highs while core end markets remain generally soft," the analysts said.

Raymond James also applauded the management for execution during the period.

"For the stock, our job is to look forward, and we see investment in the agency business that focuses on vertical integration likely to use more incremental cash," the analysts said, adding that they are waiting for evidence that this will prove to be a returns-accretive endeavor. 

Raymond James said it sees key metrics like cash flow and ROIC at near-term peak levels in a tough macro environment, while valuation metrics are also near peaks and believes it makes sense to take "some chips off the table for now."

SA quant rates the company at Hold.

Shares in the company were up 21.2% since the start of the year.