RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following a Strong 4Q

RBC Capital reiterated a Sector Perform rating on Benchmark (NYSE: BHE), and raised the price target to $22.00 (from $20.00), following the company's 4Q earnings report. BHE reported Dec-qtr results above consensus expectations, with revenue at $626M and EPS at $0.45, compared to the Street's $625M and $0.41. Management also provided a March quarter guidance that was below Street expectations at $565-590M/ $0.29-0.33. The missed guidance comes from broad-based softness in computing and telecom.

Analyst Mitch Steves commented, "BHE reported Dec-qtr results slightly above consensus expectations at $626M/$0.45 (Street at $625M/$0.41) and provided a Mar-qtr guidance that was below Street expectations at $565-590M/ $0.29-0.33. Notably, we estimate Secure Technology to have an annual run-rate of ~$80M/year on mid-teens operating margins."

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

Shares of Benchmark closed at $20.50 yesterday.

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