Needham & Company Downgrades Jabil Circuit (JBL) to Hold
- Unemployment Rate Drops to 4.6%
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
- Mnuchin Wants Fannie (FNMA)/Freddie (FMCC) Out of Government Hands, But Stocks Grossly Overvalued - Keefe, Bruyette & Woods
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your 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
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Oppenheimer Remains Sidelined on Ambarella (AMBA) Following 3Q
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!