RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
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RBC Capital reiterated a Sector Perform rating on Benchmark Electronics (NYSE: BHE), and raised the price target to $26.00 (from $24.00), following the company's 3Q earnings report. The company reported revenue a tad below and EPS in-line at $574.3M/$0.36, compared to the Street estimates of $584M and $0.36. Benchmark guided the forward quarter to $590–610M/ $0.39– 0.43, below Street at $601M/$0.42.
Analyst Mitch Steves commented, "Sep-qtr results were a tad below on the top-line; however, EPS was in-line and the guidance was slightly below on both revenue and EPS relative to Street (~$1M and $0.01). Notably, the margin profile is continuing to improve and came in at 4.3% (vs. expectations at 4.2%), and the company is guiding margins to 4.6% for Dec-qtr (4.4–4.8%). Negatively, the top-line has not returned to growth (down -9% y/y) and we think this will cause the stock to remain rangebound at this time (mid-$20s). Net Net: Results were largely in-line; however, they were a tad ahead of our original margin expectations. We maintain our Sector Perform rating due to muted growth; however, we adjust our price target to $26 (from $24) on the back of higher earnings."
Shares of Benchmark closed at $24.90 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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