Needham & Company Remains Bullish Following Jabil Circuit (JBL) F3Q Results

Needham & Company reiterates a Buy rating and $29.00 price target on Jabil Circuit (NYSE: JBL) following F3Q. JBL reported F3Q results of $4.36B vs $4.46B consensus. non-GAAP EPS was reported at $0.49, in-line with consensus.

Analyst Sean Hannan "Overall, we remain bullish on JBL shares and believe business with AAPL is performing quite well through the iPhone platform in addition to diversification and increased wallet penetration at the OEM (beyond our prior views). We also remain confident that momentum in other areas of DMS (i.e., other mobile customers, Nypro) has been fairly healthy, adding further diversification and growth. As our thoughts were confirmed that the return to a stronger FCF period seems more likely to be pushed closer to F17, we are comfortable with JBL’s investments and positive on top and bottom line prospects. Reiterate Buy"

Hannan also added, "F4Q guide for $4.45-4.65B in revs (up 12% y/y) and $0.40-0.50 in non-GAAP EPS (cons. was $4.75B/$0.47), with EMS to be up 1.5% y/y and DMS to be up 35% y/y. F15 EPS outlook maintained at ~$2.00 (vs. Street at $2.02)."

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 $24.33 yesterday.

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