Flextronics (FLEX) PT Lowered to $18 at Goldman Sachs Following 4Q

Goldman Sachs lowered its price target on Flextronics (NASDAQ: FLEX) to $18.00 (from $20.00) while maintaining a Buy rating following the company's 4Q earnings release. Flex reported revenue of $6,411 mn, above the Street at $6,281 mn. EPS of $0.24 was $0.02 below estimates at $0.26. EPS downside to estimate was driven primarily by a 40 bp lower gross margin, partly offset by 2% higher revenue and 1% lower opex.

1Q guidance for sales of $6,300 mn to $6,700 mn is 3% above the Street at $6,300 mn. Non-GAAP EPS guidance of $0.22 to $0.26 is $0.07 below the Street at $0.31 at the midpoint.

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