Monday, November 02, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Thoughts on the Quarter. We view the quarter as evidence of progress in cash generation and portfolio repositioning, with an organic earnings recovery still to be demonstrated. Cost actions, school brand performance, and International margin improvement support the operating base. However, acquisitions and currency continue to offset declining comparable sales, and tariff recoveries explain more than the entire quarterly increase in adjusted operating income. A sustained improvement in peripherals sell-through and margins would provide stronger support for a recovery thesis.
Key Quarter Metrics. Back-to-school was a bright spot. Management reported mid-single-digit seasonal growth in the United States and Canada and nearly 20% growth in Mexico. Workspace Solutions segment sales were off low single digits overall, while the Tech Peripherals business was down low double digits.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
