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In a report published Thursday, RBC Capital Markets analyst Amit Daryanani maintained a Sector Perform rating on Jabil Circuit, Inc. (NYSE: JBL), while raising the price target from $23 to $24. The analyst said that the company is likely to report its May quarter results in-line with expectations, with EMS headwinds being offset by the strong performance of Apple Inc. (NASDAQ: AAPL).
Jabil is scheduled to report its May quarter results on June 17. Analyst Amit Daryanani expects the company to report in-line revenue at $4.45B, representing 3 percent sequential growth. The company could post a modest EPS beat, the figure coming in at $0.51, as compared to the Street expectation of $0.49.
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EMS revenues are likely to fall short of expectations due to infrastructure headwinds. However, this shortfall in performance is expected to be more than offset by a better DMS performance, driven by Apple's strength. In fact, iPhone demand is expected to continue to be healthy, providing a tailwind for Jabil's performance in the August quarter.
Although the RBC Capital Markets revenue estimate for the May quarter remains unchanged, the mix has been "altered" to reflect:
- Materially stronger than expected iPhone 6/6+ ramps
- Weaker infrastructure and industrials performance within EMS
- Softer results from key customers like NetApp Inc. (NASDAQ: NTAP) and Hewlett-Packard Company (NYSE: HPQ).
The EPS estimates for 2015 and 2016 have been raised from $2.04 to $2.09 and from $2.51 to $2.52, respectively.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.