UPDATE: Deutsche Bank Downgrades Sanmina Corp. to Sell, Reiterates $11 PT on Share Overvaluation

In a report published Thursday, Deutsche Bank analyst Sherri Scribner downgraded the rating on Sanmina Corp. SANM from Hold to Sell, but reiterated the $11.00 price target. In the report, Deutsche Bank noted, “We are downgrading Sanmina to a Sell from a Hold. The shares have had a significant run and are up 26% year to date, well above the market. This is without a change in fundamentals or an improvement in profitability or revenue growth. We are also becoming more conservative on a back half recovery in the telecom and networking markets, which represent nearly 50% of Sanmina's sales. After the recent run and with limited catalysts, we view shares as overvalued.” Sanmina Corp. closed on Wednesday at $13.64.