Sanmina (SANM) Numbers Lifted at Needham & Company Following 'Beat and Raise'

Needham & Company analyst Sean K.F. Hannan recreated a Buy rating and boosted his price target on Sanmina-SCI Corp. (NASDAQ: SANM) to $27.00 (from $25.00) following beat and raise.

Hannan commented, "We continue to be impressed by the degree of diversification, new program ramp momentum and execution at SANM. Following a healthy F4Q beat and F1Q16 raise versus deteriorating Street expectations (bracing for disappointing news), SANM is clearly demonstrating that its increasingly differentiating model has plenty of ability to better navigate the current demand environment than its theoretical peer group. Further, we expect positive momentum to continue into F16 through as new program ramps provide at least a moderate growth outlook with margin expansion and buyback support. Reiterate Buy as valuation continues to look attractive."

The firm moves F1Q to $1.575B & $0.60 in non-GAAP EPS (ex. opt) from prior $1.60B & $0.56. F16 now $6.57B and $2.47 vs. prior $6.45B and $2.32 and they believe upside exists to thehr estimates.

For an analyst ratings summary and ratings history on Sanmina-SCI Corp. click here. For more ratings news on Sanmina-SCI Corp. click here.

Shares of Sanmina-SCI Corp. closed at $20.97 yesterday.

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