UBS Maintains a 'Buy' on Jabil Circuit (JBL) After August Uncertainty Cleared - Like Setup Into November Qtr

UBS maintains a 'Buy' on Jabil Circuit (NYSE: JBL) price target of $27.00 (from $29.00).

Analyst, Amitabh Passi, said, "JBL reported May qtr Revs/EPS of $4.25b/$0.64 vs. consensus at $4.29b/$0.64 and UBS estimate $4.29b/$0.62. OM of 4.5% was in-line with cons and 10bps higher than UBS estimate."

"August quarter Rev/EPS guidance of $4.1-4.35b/$0.54-0.66 came in below consensus at $4.37b/$0.68, and in-line (the high end) with UBS estimate of $4.31b/$0.63...With the August quarter guide out of the way, we like the set-up into the Nov qtr and continue to expect JBL to benefit from a key program ramp with, we believe, Apple (Nasdaq: AAPL) (the only 10% customer). We believe RIM (Nasdaq: RIMM) / Cisco (Nasdaq: CSCO) revenues will decline $1b each in FY12, with both customers likely sub-10%."

For an analyst ratings summary and ratings history on Jabil Circuit click here. For more ratings news on Jabil Circuit click here.

Shares of Jabil Circuit closed at $19.42 yesterday.

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