Plexus (PLXS) PT Raised to $165 at Raymond James

Raymond James analyst Adam Tindle raised the price target on Plexus (NASDAQ: PLXS) to $165.00 (from $160.00) while maintaining a Outperform rating.

The analyst comments "We reiterate our Outperform rating on Plexus and raise our price target to $165 following solid December quarter results. Following the recent run in shares (+8% YTD), we understand expectations were clearly elevated, and while the March quarter outlook is modestly below consensus, we believe the fundamental thesis is unchanged. PLXS remains an industry leader in terms of margin and returns profile, and with a renewed focus on domestic / near-shore manufacturing, we expect the company (like others in the industry) to benefit from a greater awareness of the need for supply chain security. Further, we see multiple catalysts for sustainable, accretive revenue growth - despite macro uncertainty - led by share gains and engineering wins across end markets, providing improved visibility into longer-term trends. Finally, with a continued focus on shareholder returns and a strong FCF profile for the year, we expect the company to continue to outperform broader-market trends."

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