Needham & Company Downgrades Jabil Circuit (JBL) to Buy; Business Remains Quite Healthy, But Recent Run Closes Valuation Gap

Needham & Company downgraded Jabil Circuit (NYSE: JBL) from Strong Buy to Buy, price target raised from $26 to $29.

Analyst, Sean K.F. Hannan, said, "Overall, we believe JBL’s execution and positive mix momentum should continue to drive the model in 2012. We believe notable traction in DMS (and particularly Materials Tech, where its presence feels quite safe) will remain the primary source of growth, with new program ramps and recent wins accounting for the vast majority. With JBL’s valuation gap now less significant, we are downgrading to Buy, but we increase our target, based on ~12x our C12 estimate of $2.39."

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

Shares of Jabil Circuit closed at $25.98 yesterday.

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