UBS Raises Price Target on Flextronics (FLEX) Following 2Q EPS Beat
UBS reiterated a Buy rating on Flextronics (NASDAQ: FLEX), and raised the price target to $13.50 (from $13.00), following the company's 2Q16 earnings report. Flex reported revenue in line with consensus at $6.3bn and non-GAAP EPS of $0.27, ahead of consensus' $0.25.
Analyst Steven Milunovich commented, "Flex reported revenue in line with consensus at $6.3bn and non-GAAP EPS of $0.27, ahead of our $0.25. CTG performed better than expected, offsetting weaker growth in IEI. The inclusion of the MCi acquisition bumped the HRS margin up by 80bps to 7.4%, lifting the overall EBIT margin by 30bps sequentially. F3Q revenue guidance for $6.2-6.8bn was in line with consensus for $6.6bn, but the EPS range of $0.28-0.34 was better than the consensus for $0.29."
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Shares of Flextronics closed at $11.20 yesterday.