UPDATE: Deutsche Bank Downgrades Plexus Corporation to Hold, Lowers PT

In a report published Friday, Deutsche Bank downgraded its rating on Plexus Corporation

from Buy to Hold, and lowered its price target from $37.00 to $27.00. Deutsche Bank noted, “PLXS reported a mixed F4Q-12, but guidance was significantly worse than expected on broad-based demand weakness. With networking unlikely to improve in the near term, and Coke business likely to be subdued on inventory work downs, we no longer see positive catalysts for the shares and are downgrading to Hold from Buy. Longer term, we continue to view PLXS as a well-run, high-margin and high-growth EMS company, but believe demand weakness in end markets will keep the shares range bound in the near term. We are cutting our PT to $27 from $37 and now rate PLXS a Hold.” Plexus Corporation closed on Thursday at $26.32.