Needham & Company on Flextronics (FLEX): Analyst Day: Overall Growth Outlook Appears Solid Despite Decision To Exit ODM/PC Business

Needham & Company reiterates a 'Buy' on Flextronics (NASDAQ: FLEX), PT $9.

Needham analyst says, "Overall, FLEX remains one of the largest global EMS players, with notable scale and market diversification that should allow
it to continue driving growth above broader macro and IT trends. Despite the (now formal) announcement that FLEX will walk away from the ODM/PC biz (a decision we view positively), we are increasingly encouraged by other segment prospects in terms of revenue and earnings growth."

"F1Q (June) remains $7.35B and $0.22. We are now more positive on improvement in many sub-segments, but lowering expectations for PC biz from wind-down. Thus, our F12 est. becomes $31.4B and $1.00 vs. prior $31.2B and $0.98."

For more ratings news on Flextronics click here and for the rating history of Flextronics click here.

Shares of Flextronics closed at $6.79 yesterday.

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