Plexus (PLXS) PT Raised to $102 at Needham & Company
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Needham & Company analyst James Ricchiuti raised the price target on Plexus (NASDAQ: PLXS) to $102.00 (from $89.00) while maintaining a Buy rating.
The analyst commented, "FQ2 revenue increased 15% y/o/y, at the midpoint of guidance, while the highest gross margins in four years produced EPS that were well above the top end of guidance. GAAP operating margin was 25 bps above the upper end of guidance and at the highest level since FQ2'08. The F3 revenue outlook at the midpoint of guidance was slightly above consensus and consistent with the broad guidance management provided three months earlier. EPS guidance for FQ3 at the midpoint was also modestly above consensus. FQ3 gross margins are unlikely to be as high as FQ2’s 10.3% level and op-ex is likely to trend modestly higher; however, operating margins should remain comfortably above 5.0%. We are raising our estimates for this year and next. We reaffirm our Buy rating and increase our target price to $102 from $89."
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