Collins Stewart Starts Flextronics International (FLEX) at Buy
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Collins Stewart initiates coverage on Flextronics International Ltd. (Nasdaq: FLEX) with a Buy rating and $15 price target.
The firm said, "We believe the market is underestimating the ability of Flextronics to navigate through a U.S. recession and slower global growth, presenting an attractive buying opportunity with the stock trading at just 7x our calendar 2009 EPS estimate. In our view, Flextronics should be able to meet its outlook for the June quarter and for fiscal 2009. The company also has various levers to pull, including synergies from the Solectron acquisition, vertical integration with Solectron, new program ramps and a big opportunity in the notebook computer market. At the same time, we believe price increases from leading EMS and ODM players in Taiwan has presented Flextronics with a flood of quotation activity of late, while validating the company's global footprint."
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