UPDATE: Citi Raises Price Target on Flextronics to $7

According to Citi, Flextronics International (NASDAQ: FLEX) price target is raised to $7.

Citi said that FLEX reported FQ2'12 (Sept) sales/adjusted EPS of $8.04b/$0.22 slightly ahead of the company's sales guidance of $7.6-$8.0b vs. consensus at $7.8b and inline with FLEX's EPS guidance in the range $0.21-$0.23 vs. consensus at $0.22. “During the quarter, FLEX inventories increased +3.4% q/q to $3,866m, above their December outlook.”

Flextronics International closed yesterday at $6.11.