Needham & Company Resumes Plexus (PLXS) at Buy
- Tech pulls Nasdaq, S&P 500 down as Treasury yields rise
- Merck (MRK) Said to Be Unidentified Suitor for Acceleron Pharma (XLRN), Not Bristol-Myers Squibb (BMY) - Report
- EV Company Polestar To Go Public Via $20 Billion SPAC Deal
- Amazon (AMZN) Price Target Lowered at Morgan Stanley Amid Rising Logistics Workforce Costs, Analyst Expects Stock to be Range Bound in Near Term
- Oil up on tight supply, Brent crude nears $80 a barrel
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Starts IronNet Inc. (IRNT) at Buy
- Dream Industrial (DIR-U:CN) (DREUF) PT Raised to Cdn$19.50 at Canaccord Genuity
- UPDATE: Oppenheimer Starts Lilium N.V. (LILM) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!