UPDATE: Deutsche Bank Downgrades Molex to Hold, Lowers PT Following Lower F4Q-13 Results, F1Q-14 Guidance

In a report published Thursday, Deutsche Bank analyst Sherri Scribner downgraded the rating on

from Buy to Hold, and lowered the price target from $34.00 to $32.00. In the report, Deutsche Bank noted, “MOLX reported lower F4Q-13 results and F1Q-14 guidance due to soft Mobile Devices (tablet) demand. Challenges in Mobile Devices aside, MOLX noted a number of positive trends, including improving daily order rates and Q/Q growth in all other segments. Mgmt sees a continued recovery, albeit a slow one, with Europe stabilizing and the US slowly improving. We have lowered our estimates and price target to reflecting a more muted Mobile Devices outlook. With shares trading at 17x our revised FY-15E EPS, we view further upside as unlikely and we are downgrading the shares to a Hold.” Molex closed on Wednesday at $29.96.