Raymond James upgraded Plexus (NASDAQ: PLXS) from Market Perform to Outperform with a price target of $43.00.

Analyst Brian Alexander said, "We are upgrading PLXS to Outperform from Market Perform as 1) revenue growth has resumed a strong double-digit pace due to solid program wins/regional expansion, 2) margins should bottom in December and improve sequentially through FY15 as facility expansion costs wane, 3) free cash flow should bounce back in FY15 to +$100 million (from $23 million in FY14) due to lower cap ex and working capital, and 4) the stock has lagged EMS peers this year (-14% vs. group average of +8%)."

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

Shares of Plexus closed at $35.46 yesterday.