RBC Capital Raised PT on Jabil Circuit (JBL) to $26 Following 1Q
RBC Capital reiterated a Sector Perform rating on Jabil Circuit (NYSE: JBL), and raised the price target to $26.00 (from $25.00), following the company's 1Q earnings report. JBL reported results of $5.21B/$0.85, which were in-line with Street expectations of $5.2B/ $0.80. Fundamentally, while AAPL concentration issues will persist, RBC thinks their 2H16 guide implies better than seasonal growth, but margins heading lower by 60bps+ will prove to be conservative.
Analyst Amit Daryanani commented, "Jabil reported a solid Nov-qtr EPS beat and provided Jan-qtr revenue guidance that was slightly below expectations. FY16E revenue guidance of $20.0B was maintained while EPS guidance was increased to $2.65 from $2.60."
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Shares of Jabil Circuit closed at $23.91 yesterday.