Northland Capital Markets Raises Price Target Following Plantronics (PLT) Announced 10M Share Buyback

Northland Capital Markets maintains an Outperform rating on Plantronics (NYSE: PLT), and raised the price target to $61.00 (from $57.00), following the close of a $500M debt offering, and the announced share buyback of up to 10M shares.

Analyst Michael Latimore commented, "PLT recently closed a $500 mil debt offering, and simultaneously announced another share buyback (total authorized in 2015 is up to 10 mil shares). We are adding the incremental expense to our model, and assuming continued share repurchases, netting to a $0.17 decrease in FY16 EPS and $0.03 increase in FY17 to $3.39. Increasing target to $61 from $57 based on industry multiple expansion, visible EPS leverage with buybacks, and potential 2H catalysts."

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

Shares of Plantronics closed at $55.84 yesterday.

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