UPDATE: Bank of America Raises PT on Plexus on Mixed Factors
In a report published Friday, Bank of America analyst Wamsi Mohan reiterated a Neutral rating on Plexus (NASDAQ: PLXS), and raised the price target from $29.00 to $34.00.
In the report, Bank of America noted, “We had upgraded Plexus to Neutral after the stock sold off on the news of the loss of Juniper as a customer back in Nov 2012. Since then the company has taken several measures around reorganization, restructuring and marched on original plans to optimize its manufacturing footprint. In our opinion, Plexus continues to demonstrate a solid focus on returns and is back on its way to recover its premium valuation as margins appear to be turning around. Revenue uncertainty and negative leverage through the December quarter keep us at a Neutral rating but we move our PO higher to $34 on better than anticipated earnings.”
Plexus closed on Thursday at $32.76.
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