Plexus (PLXS) PT Raised to $195 at Benchmark

Benchmark analyst David Williams raised the price target on Plexus (NASDAQ: PLXS) to $195.00 (from $165.00) while maintaining a Buy rating.

The analyst commented: "PLXS is scheduled to report F1Q results after the close on Wednesday, followed by a conference call Thursday morning. We expect results to be largely in line, with an outlook modestly better than current consensus with management reiterating its continued confidence in the company’s near- to mid-term growth trajectory. We look for a continued end-market recovery, supported by broadening industrial demand, further strengthening in semi-cap equipment, and incremental improvement in Boeing production trends that could drive upside to guidance. Longer term, we believe Plexus is positioned for a durable, long tailed growth cycle driven by share gains, improving demand across semi-cap, commercial aerospace, defense, and space, and more favorable medical inventory dynamics. While macro and geopolitical conditions remain mixed, we expect Plexus to continue outgrowing its end markets and deliver a sustainable 9-12% growth rate through the cycle. We think management is executing very well and see additional levers for further margin expansion and therefore increase our PT to $195 from $165 or 23x our FY27 EPS estimates."

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