UPDATE: Citigroup Downgrades Jabil Circuit on Lack of Visibility
In a report published Wednesday, Citigroup analyst Jim Suva downgraded the rating on Jabil Circuit (NYSE: JBL) from Neutral to Sell, and lowered the price target from $24.00 to $14.00.
In the report, Citigroup noted, “We are downgrading Jabil shares to Sell from Neutral with a lowered $14 target price. We recognize the stock is trading down -10% after hours but we still see another -20% downside. The key part of our downgrade is the significant EPS shortfall by Jabil of $0.05-$0.15 compared with consensus of $0.52 in addition to our view that our revised 2014 EPS of $1.29 materially comes lower than consensus of $2.31 or more than a 40% reduction.”
Jabil Circuit closed on Tuesday at $19.72.
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