Bank of America Merrill Lynch Neutral On Jabil Circuit

Bank of America Merrill Lynch is out with a research report on Jabil Circuit

and it has a Neutral rating and a $19 price target on shares. In a note to clients, Bank of America Merrill Lynch writes, "Jabil announced that the company has completed the repurchase of 11.5mn shares that has used up the current repurchase authorization of $200mn. This was faster than we had previously modeled and we are adjusting our model to reflect this, which adds $0.02 to F4Q11 EPS at $0.58 versus the company guidance of $0.52-0.60." Shares of JBL gained 14 cents yesterday to close at $15.02.