UPDATE: Citigroup Raises Target to $27 on Molex

Citigroup reiterates its Neutral rating on Molex

based choppy macro currents and resulting weak company results, but raises its price target to $27 from $25 on an adjusted valuation multiple. Citigroup says, "Molex reported FQ2'12 (Dec) Sales/EPS of $858m/$0.36, below consensus of $890m/$0.41 & guidance for $870-$910m/$0.37-$0.43. Management cited uncertain economic conditions, supply chain disruptions from the Thailand flood & inventory adjustments at customers/distribution as reasons for the disappointing quarter. Our target price goes to $27 from $25 despite the lowered outlook as the market multiple is at 13x vs 11.9x previously." MOLX closed at $26.52 a share yesterday.