Needham & Company Downgrades Jabil Circuit (JBL) to Buy

October 31, 2013 8:01 AM EDT
Get Alerts JBL Hot Sheet
Price: $23.59 +1.59%

Rating Summary:
    7 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Needham & Company downgraded Jabil Circuit (NYSE: JBL) from Strong Buy to Buy with a price target of $25.00 (from $28.00).

Analyst Sean Hannan weighs in "Overall, we maintain our positive view of JBL as the company continues to face strong margin expansion in 2HF14, healthy double-digit earnings growth potential (despite the exited BBRY biz), positive momentum at AAPL, and healthy long-term opportunities in its showcased Nypro business. However, we are compelled to acknowledge that JBL's reduced DMS growth & margin targets, as well as our recent macro-related observations in the broader EMS demand environment, may not be supportive of a "Strong" Buy rating. Thus, we view a Buy rating as more appropriate for what we believe is still a very high quality name, and lower our target to $25 from $28."

For an analyst ratings summary and ratings history on Jabil Circuit click here. For more ratings news on Jabil Circuit click here.

Shares of Jabil Circuit closed at $20.93 yesterday.

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