Needham & Company Resumes Plexus (PLXS) at Buy
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Needham & Company analyst James Ricchiuti initiates coverage on Plexus (NASDAQ: PLXS) with a Buy rating and a price target of $72.00.
The analyst commented, "We are resuming coverage of PLXS with a Buy rating and $72 target price. PLXS last week reported weaker-than-expected FQ2 EPS despite beating slightly on the top line. And after 5 consecutive quarters of double-digit y/o/y rev growth, mgmt also guided to 5-10% rev growth for FQ3 and disappointing EPS growth of 2.5% at the midpoint of guidance. PLXS shares not surprisingly sold off on the print. We are taking a more constructive view of business conditions, owing to ongoing momentum in manufacturing wins and the strong outlook for growth over the balance of F19 in Health Care/Life Sciences, Aerospace and Defense and Industrial. Excluding its semi-cap and communications business, PLXS’s revs could grow at nearly 20% in F19. We believe the outlook for margins should brighten in FQ4 on higher volumes, improved utilization and cost-containment."
Shares of Plexus closed at $60.42 yesterday.
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