Needham & Company Reiterates a 'Buy' on Plexus (PLXS); New Business Wins Lead to Solid Quarter and In-line Guidance

Needham & Company reiterates a 'Buy' on Plexus (NASDAQ: PLXS) price target of $38.00.

Analyst, Sean K.F. Hannan, said, "PLXS is exhibiting crisp execution while securing substantial new business wins that should support double-digit growth in F13. Although the nature and magnitude of new program ramps may subdue near-term margin improvement, the return to traditional operating margins appears only a few quarters away. Consequently, we have improved confidence in the longerterm and continue to believe that PLXS deserves its valuation premium (due to its growth, mix of business, and high quality model)."

"For June, model now $605M & $0.63, vs. prior $600M & $0.63. F12 becomes $2.33B & $2.37, vs. prior $2.32B & $2.40. F13 of $2.56B & $2.75 now $2.60B & $2.79."

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

Shares of Plexus closed at $32.95 yesterday.

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