Flextronics (FLEX) PT Raised to $17 at Needham & Company Following 3Q Report

Needham & Company raised its price target on Flextronics (NASDAQ: FLEX) to $17.00 (from $16.00) while maintaining a Buy rating following the company's 3Q earnings report. FLEX reported revenue of $6.1B and EPS of $0.34, within guidance for $6.0-6.4B and $0.31-0.35. Consensus estimate was $6.2B/$0.33.

Analyst Sean Hannan commented, "Over the past few years, the mix at FLEX has been transitioning quite a bit while providing a more sustainable source of income generation. This is a dynamic we expect to continue as non-traditional segments (IEI & HRS) have solid long-term opportunities in under-penetrated markets while segments such as CTG are overhauled into next-gen and higher tech (i.e., Nike and Bose ramps); both bring very healthy income opportunities. In the big picture, we see an improving model in terms of diversity and a solid pathway toward accelerated income growth. Consequently, we reiterate our Buy and bump our target up slightly."

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