Needham & Company Reiterates a 'Buy' on Flextronics (FLEX); Top-Line Guidance Slightly Soft In Challenging Environment, But Model Improving

Needham & Company reiterates a 'Buy' on Flextronics (NASDAQ: FLEX) price target of $9.00.

Needham analyst says, "The broader macro environment and a number of internal transitions (i.e., exit of NB and restructuring in Components) have slowed the recovery of FLEX’s top and bottom line. But with many of the necessary steps well underway or fully behind, we expect that margins should see healthy expansion from current levels while valuation remains compelling."

"Lowering Model. F4Q12 now $6.5B & $0.23, vs. prior $7.0B & $0.25 (ex. opt). F13 now $28.1B & $1.04 vs. prior $30.4B & $1.09."

For an analyst ratings summary and ratings history on Flextronics click here. For more ratings news on Flextronics click here.

Shares of Flextronics closed at $6.72 yesterday.

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