Ticonderoga Reiterates a 'Sell' on Flextronics (FLEX); Faces an Identity Crisis - Cutting Estimates
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Price: $126.16 +1.50%
Rating Summary:
18 Buy, 8 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
18 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga reiterates a 'Sell' on Flextronics (NASDAQ: FLEX)
Ticonderoga analyst said, "Significant Revenue Miss for FLEX. Last night, Flextronics reported 4QFY11 revenue of $6.859 billion (down 12% Q/Q) that missed our $7.33 billion estimate, while pro forma EPS of $0.21 was also below our estimate of $0.22 (the Street was also at $0.22). The company even fell short of its own March quarter revenue projection of $7.1 billion to $7.4 billion, while reaching the bottom end of the $0.21 to $0.23 range with the help of non-operating income."
Who Am I? Why Am I Here? How Did Hon Hai Get So Big? Last night's conference call revealed to us that Flextronics is in the midst of a severe identify crisis, as the company swiftly backpedaled from its big push into the notebook market, while the serial delays in turning around the components business is becoming a bad joke."
"Looking into 1QFY12, Flextronics expects revenue in the range of $7.1 billion to $7.6 billion, while pro forma EPS is projected to be in the range of $0.20 to $0.23. We are reducing our 1QFY12 sales projection to $7.57 billion from $8.17 billion, while decreasing our pro forma EPS estimate to $0.23 from $0.25. For FY12, we are also reducing our projections."
For more ratings news on Flextronics click here and for the rating history of Flextronics click here.
Shares of Flextronics closed at $7.51 yesterday.
Ticonderoga analyst said, "Significant Revenue Miss for FLEX. Last night, Flextronics reported 4QFY11 revenue of $6.859 billion (down 12% Q/Q) that missed our $7.33 billion estimate, while pro forma EPS of $0.21 was also below our estimate of $0.22 (the Street was also at $0.22). The company even fell short of its own March quarter revenue projection of $7.1 billion to $7.4 billion, while reaching the bottom end of the $0.21 to $0.23 range with the help of non-operating income."
Who Am I? Why Am I Here? How Did Hon Hai Get So Big? Last night's conference call revealed to us that Flextronics is in the midst of a severe identify crisis, as the company swiftly backpedaled from its big push into the notebook market, while the serial delays in turning around the components business is becoming a bad joke."
"Looking into 1QFY12, Flextronics expects revenue in the range of $7.1 billion to $7.6 billion, while pro forma EPS is projected to be in the range of $0.20 to $0.23. We are reducing our 1QFY12 sales projection to $7.57 billion from $8.17 billion, while decreasing our pro forma EPS estimate to $0.23 from $0.25. For FY12, we are also reducing our projections."
For more ratings news on Flextronics click here and for the rating history of Flextronics click here.
Shares of Flextronics closed at $7.51 yesterday.
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