Goldman Sachs Downgrades Molex Incorporated (MOLX) to Neutral

Goldman Sachs downgraded Molex Incorporated (NASDAQ: MOLX) from Buy to Neutral with a price target of $24 (down from $25). The firm notes prefers TE Connectivity Ltd. (NYSE: TEL), which was upgraded to By.

The firm notes operating margin of 13.2% in the September quarter was at five-year highs, although they expect the current cyclical downturn to drive a 180 bp reduction through the March quarter. Goldman now sees operating leverage muted near-term relative to the last two years, which removes one of the main catalysts for their prior positive view.

For an analyst ratings summary and ratings history on Molex Incorporated click here. For more ratings news on Molex Incorporated click here.

Shares of Molex Incorporated closed at $24.73 yesterday, with a 52 week range of $18.50-$28.51.

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