Plexus Corp. Rating Lowered to Neutral at Longbow Research (PLXS)
Plexus Corp. (NASDAQ:PLXS) was downgraded by research analysts at Longbow Research from a “buy” rating to a “neutral” rating in a report released on Monday, TheFlyOnTheWall.com reports. They currently have a $40.00 price target on the stock. Longbow Research’s price target suggests a potential upside of 1.09% from the company’s current price.
The analysts wrote, “Our conviction behind PLXS delivering improving sales and margin expansion is the greatest in the group since PLXS has to date in CY13 consistently delivered robust new program wins and margin upside, but we are downgrading PLXS to NEUTRAL from BUY with the shares up 51% from the JNPR-related 4QCY12 sell-off. We continue to see the FY14 consensus as too low reflecting higher EBIT margins entering FY14 and buyback accretion, but we are struggling in the current low-GDP growth environment to find significant upside in our CY14 model to push our prior $40 12-month target price (see fair value as $42-$43) considerably higher without stretching valuation.”
In other Plexus Corp. news, VP Steven Frisch sold 3,000 shares of the stock on the open market in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.73, for a total value of $116,190.00. Following the transaction, the vice president now directly owns 17,535 shares of the company’s stock, valued at approximately $679,131. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Plexus Corp. (NASDAQ:PLXS) traded down 0.76% during mid-day trading on Monday, hitting $39.27. The stock had a trading volume of 16,794 shares. Plexus Corp. has a 52-week low of $19.63 and a 52-week high of $39.74. The stock’s 50-day moving average is $36.4 and its 200-day moving average is $31.63. The company has a market cap of $1.325 billion and a P/E ratio of 23.35.
Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Plexus Corp. in a research note to investors on Wednesday, October 2nd. They set a “buy” rating and a $42.00 price target on the stock. Separately, analysts at Zacks upgraded shares of Plexus Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, September 30th. They now have a $44.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Plexus Corp. from $32.00 to $36.00 in a research note to investors on Monday, September 16th. They now have a “sector perform” rating on the stock. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $36.13.
Plexus Corp. (NASDAQ:PLXS) and its subsidiaries delivers solutions to its customers through its Product Realization Value Stream.
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