Needham & Company Downgrades Jabil Circuit (JBL) to Hold
- Wall St. edges higher as earnings gather pace
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Johnson & Johnson (JNJ) Tops Q4 EPS by 2c; Guides Modestly Below the Street
- Pre-Open Stock Movers 01/24: (MPSX) (IIVI) (AKS) Higher; (FSM) (OCUL) (VZ) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Needham & Company downgraded Jabil Circuit (NYSE: JBL) from Buy to Hold, saying F17 is unlikely to be a robust year.
Analyst Sean K.F. Hannan commented, ": As we indicated in our 9/20 preview note, we were cautious heading into JBL's earnings call as we view the AAPL business (24% customer) to be the key variable that influences the current path. The overall share position and relationship with AAPL seems consistent and healthy, but the magnitude of customer sell-through (and JBL's lack of large incremental investments) creates the big question for F17 growth. On the positive side, we believe Nypro and EMS are doing well and will provide at least some offsets while JBL remains committed to repurchase efforts to return up to $1B to shareholders through F18. Given that JBL has now effectively hit our prior target and our fairly muted outlook (not to be interpreted as negative) for the next 12mos, we are downgrading to Hold and see shares as appropriately valued at present."
Shares of Jabil Circuit closed at $23.73 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Zions Bancorp (ZION) PT Lowered to $49 at FIG Partners Following 4Q EPS Beat
- Facebook (FB) Q4 Estimates, PT Raised At Jefferies
- CBS Corp. (CBS): Raising PT On Higher Retransmission Fees - Needham
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Downgrades
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!