Needham & Company Reiterates a 'Buy' on Flextronics (FLEX); Adjusting Estimates Ahead Of Reports, Considering Spotty Demand Environment
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Price: $126.16 --0%
Rating Summary:
18 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 9 | New: 12
Rating Summary:
18 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 9 | New: 12
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Needham & Company reiterates a 'Buy' on Flextronics (NASDAQ: FLEX) price target of $9.00.
Needham analyst says, "Overall, while the broader macro environment may be showing slight signs of softness, we expect FLEX's book of business to continue to exhibit some level of resiliency through new program momentum, its global footprint and general diversification. Once beyond the ODM wind-down, we believe organic comparisons will be more favorable for the rest of FLEX’s growing business. Consequently, we view shares as undervalued (at just 7x NTM consensus) and reiterate our rating and price target based on just over 9x (approaching the company’s longer-term growth rate) on our C12 forecast of $0.97."
"Officially lowering estimates. Our F2Q remains $7.8B & $0.22. F3Q now $7.9B & $0.23 vs. our prior $8.3B & $0.29. Pairing back F13 to $31.7B & $1.01 from $33.5B & $1.12. We view our forward estimates to now be conservative."
For more ratings news on Flextronics click here and for the rating history of Flextronics click here.
Shares of Flextronics closed at $6.44 yesterday.
Needham analyst says, "Overall, while the broader macro environment may be showing slight signs of softness, we expect FLEX's book of business to continue to exhibit some level of resiliency through new program momentum, its global footprint and general diversification. Once beyond the ODM wind-down, we believe organic comparisons will be more favorable for the rest of FLEX’s growing business. Consequently, we view shares as undervalued (at just 7x NTM consensus) and reiterate our rating and price target based on just over 9x (approaching the company’s longer-term growth rate) on our C12 forecast of $0.97."
"Officially lowering estimates. Our F2Q remains $7.8B & $0.22. F3Q now $7.9B & $0.23 vs. our prior $8.3B & $0.29. Pairing back F13 to $31.7B & $1.01 from $33.5B & $1.12. We view our forward estimates to now be conservative."
For more ratings news on Flextronics click here and for the rating history of Flextronics click here.
Shares of Flextronics closed at $6.44 yesterday.
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