Goldman Sachs Starts JBL at Buy, FLEX at Sell and SANM at Neutral

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Goldman Sachs initiates coverage on the EMS industry and rates Jabil Circuit (NYSE: JBL) at Buy, Flextronics (Nasdaq: FLEX) at Sell) and Sanmina-SCI (Nasdaq: SANM) at Neutral.

On Jabil, the firm said the Buy rating reflects the company’s above-average growth and margins. Main catalysts for JBL shares are improving margin mix and secular growth in its Green Point business. The firm has a $15 price target.

On Flextronics, the firm said their Sell is a result of the company's subpar profitability relative to peers, which will likely be exacerbated by margin dilution stemming from its ODM business. The firm has a $5.50 price target.

On Neutral-rated Sanmina-SCI the firm has a $12 price target.

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