Needham & Company Downgrades Jabil Circuit (JBL) to Hold
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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.
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