UPDATE: Bank of America Upgrades Jabil Circuit to Buy rating

According to a research report this morning, Bank of America upgrades its rating on Jabil Circuit (NYSE: JBL) to Buy following a newly expanded relationship with Apple (NASDAQ: AAPL).

Bank of America explained, “Apple has been a 10% customer for the past two quarters, and the relationship is broadening from casings for iPhones to broader applications (metal band, lamination) and for other Apple products.”

Jabil Circuit closed yesterday at $19.32 with a $28 PO.

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