Ticonderoga Maintains a 'Neutral' on Plexus (PLXS); With a 3QFY11 Reversal, Plexus Makes Out Well, But Rally Appears Overdone
Tweet
Share
E-mailGet Alerts PLXS Hot Sheet
Price: $267.41 +1.28%
Rating Summary:
8 Buy, 3 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 3 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Ticonderoga maintains a 'Neutral' on Plexus (NASDAQ: PLXS).
Ticonderoga analyst says, "Plexus's 2QFY11 sales came in at $568.1 million, which exceeded our estimate of $562.9 million, while EPS of $0.59 beat our projection of $0.57 (the Street was at $0.56). Plexus's January guide down on the June quarter provided the company with an easy setup for its 3QFY11 outlook when the company reported 2QFY11 results on Friday, combined with an attractive entry point for a new stock repurchase program. Despite our raised EPS estimate for FY11, we are still 7% below the FY11 EPS forecast we had last July before our numbers trended lower, but the stock is now nearly 30% higher. At the same time, the stock is now trading at 14x our CY11 EPS estimate (with a 3.5% tax rate), and we believe the recent rally is a bit overdone."
"For 3QFY11, we are raising our revenue estimate to $580 million from $539 million and increasing our EPS estimate to $0.61 from $0.47 (Street was at $0.48). For FY11, we are raising our revenue estimate to $2.34 billion (up 16%) from $2.25 billion and increasing our EPS estimate to $2.47 from $2.26."
For more ratings news on Plexus click here and for the rating history of Plexus click here.
Shares of Plexus closed at $36.92 yesterday.
Ticonderoga analyst says, "Plexus's 2QFY11 sales came in at $568.1 million, which exceeded our estimate of $562.9 million, while EPS of $0.59 beat our projection of $0.57 (the Street was at $0.56). Plexus's January guide down on the June quarter provided the company with an easy setup for its 3QFY11 outlook when the company reported 2QFY11 results on Friday, combined with an attractive entry point for a new stock repurchase program. Despite our raised EPS estimate for FY11, we are still 7% below the FY11 EPS forecast we had last July before our numbers trended lower, but the stock is now nearly 30% higher. At the same time, the stock is now trading at 14x our CY11 EPS estimate (with a 3.5% tax rate), and we believe the recent rally is a bit overdone."
"For 3QFY11, we are raising our revenue estimate to $580 million from $539 million and increasing our EPS estimate to $0.61 from $0.47 (Street was at $0.48). For FY11, we are raising our revenue estimate to $2.34 billion (up 16%) from $2.25 billion and increasing our EPS estimate to $2.47 from $2.26."
For more ratings news on Plexus click here and for the rating history of Plexus click here.
Shares of Plexus closed at $36.92 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
- SoundThinking (SSTI) PT Lowered to $8 at Cantor Fitzgerald
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Stock BuybackSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
