Needham & Company Reiterates Buy on Plexus Corp (PLXS) After Meeting with Management
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Needham & Company reiterated a Buy rating and $52.00 price target on Plexus Corp (NASDAQ: PLXS) after meeting with management and clients. The company has vastly improved its mix compared to the aggregate profile the past 4 years dating back to the JNPR disengagement and more recent customer exits/de-emphasis with Tesla and Ericsson. Also, the very nature of the mix profile continues to improve based on its market exposure.
Analyst Sean Hannan commented, "We continue to be positive on PLXS following our recent time hosting management with clients in the Midwest. Starting on the top line, we are encouraged by how PLXS is positioned today with an optimized customer portfolio (perhaps underappreciated by Street) while new program wins are modestly accelerating and F17 continues to line up well for at least solid upper-single-digit growth. Further, we believe the return to the target Op. margin range (4.7-5.0%) that is now in play should be quite consistent and sustainable while other metrics such as ROIC are poised to improve. Overall, we see a healthy trajectory for PLXS as we believe it is fundamentally getting stronger, operating better, and creating potential upside opportunities to forward estimates. Reiterate Buy"
Shares of Plexus closed at $46.48 yesterday.
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