UPDATE: Bank of America Merrill Lynch Upgrades Plexus Corp. to Neutral, Reiterates $25 PT

In a report published Monday, Bank of America Merrill Lynch upgraded its rating on Plexus Corp.

from Underperform to Neutral, and reiterated its $25.00 price target. BofA Merrill Lynch noted, “We are upgrading shares of PLXS to Neutral from Underperform with a PO of $25. In our opinion, the decline in share price has more than compensated for the eventual loss of Juniper revenues. Despite this loss, the Plexus value proposition remains intact of delivering low volume high mix solutions. We expect new design wins to mitigate some of the lost Juniper revenue, and cost actions to buffer EPS impact (expect more detail at a conference on Dec 11th) but we are not expecting large changes to capital deployment or go to market strategy, which will likely keep shares range bound.” Plexus Corp. closed on Friday at $22.91.