UPDATE: Rodman & Renshaw Initiates Multi-Fineline Electronix at Market Outperform

Rodman & Renshaw is out with its report today on Multi-Fineline Electronix

, initiating MFLX at Market Outperform. In its report, Rodman & Renshaw writes, "We believe that MFLX is well positioned in the high growth Smartphone and Tablet market. The company has 5 of the top 6 Smartphone vendors as customers. In the near term, the company faces a couple of headwinds in its financials due to softness with one of its customers and new product ramps. However, longer term, we see revenue growth in the near-10% range with the potential for upside as other programs launch. As such, we are initiating coverage with a Market Outperform rating and a $22 price target. Our PT is based on 10X our FY12 EPS of $1.80 and over $4.00/share in cash." Shares of MFLX closed Tuesday at $18.13.