UBS Assumes, Upgrades Flextronics (FLEX) to Buy

UBS upgraded Flextronics (NASDAQ: FLEX) from Neutral to Buy with a price target of $13.00 (from $12.00) in assumed coverage. The analyst called FLEX an Internet of Things leader.

Analyst commented, "We are assuming coverage of Flex with a Buy and price target of $13 (previously rated Neutral with $12 target). We think Flex is the flag carrier for EMS vendors moving up the value chain to capture more of the hardware value that remains. The company is broadening its markets, creating IP, and looking to become "a marketplace of one."
The rebranding as Flex reflects the evolution from EMS to supply chain solutions. In fact, Flex may become an IoT play. We see earnings upside in F17 and the potential for a higher P/E longer term on improved growth and consistency."

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

Shares of Flextronics closed at $10.55 yesterday.

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