Citi Maintains 'Hold' Rating on Flextronics (FLEX), Lowers Price Target
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Citi maintains a 'Hold' on Flextronics (Nasdaq: FLEX). Price target lowered from $5 to $3.25.
Citi analyst says, "At current levels shares appear to reflect our fear of negative operating leverage across the EMS industry in the current macro environment. However, & while we are warming to the overall Flex story given its strategic position in the industry & free cash yield of roughly 35% (with buyback restriction), there does not appear to be a readily available catalyst for shares in the near term. The potential for further impairment charges should the macro environment materially worsen is also a concern."
Flextronics International Limited (Flextronics) is a global provider of vertically-integrated advanced design and electronics manufacturing services (EMS) to original equipment manufacturers (OEMs).
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