Plexus Corp. Stock Rating Lowered by Bank of America Corp. (PLXS)
Plexus Corp. (NASDAQ:PLXS) was downgraded by Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research note issued on Friday, AnalystRatings.Net reports. They currently have a $36.00 price objective on the stock, down from their previous price objective of $40.53. Bank of America Corp.’s price objective indicates a potential downside of 10.76% from the company’s current price.
The analysts wrote, “We had upgraded shares of Plexus to Neutral after the loss of Juniper as a customer and shares have almost doubled from those levels. Although we admire the company’s focus on delivering ROIC well above cost of capital, solid execution, and financial transparency, in our opinion shares are already discounting potential positives and with the multiple (15x C14E EPS) at the high end of historical ranges (median 12x), we see risk-reward skewed more negatively and move to an Underperform rating. We cut our estimates on a delayed ramp in margins relative to our prior expectations and our PO moves to $36.”
A number of other analysts have also recently weighed in on PLXS. Analysts at Longbow Research downgraded shares of Plexus Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Monday. They now have a $40.00 price target on the stock. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Plexus Corp. currently has an average rating of “Hold” and a consensus target price of $36.38.
Plexus Corp. (NASDAQ:PLXS) traded down 0.47% on Friday, hitting $40.34. 355,018 shares of the company’s stock traded hands. Plexus Corp. has a one year low of $19.63 and a one year high of $36.13. The stock’s 50-day moving average is $34.55 and its 200-day moving average is $29.36. The company has a market cap of $1.361 billion and a P/E ratio of 23.91.
Plexus Corp. (NASDAQ:PLXS) last released its earnings data on Thursday, October 24th. The company reported $0.67 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.67. The company had revenue of $567.73 million for the quarter, compared to the consensus estimate of $562.81 million. During the same quarter last year, the company posted $0.66 earnings per share. Plexus Corp.’s revenue was down 4.5% compared to the same quarter last year.
In other Plexus Corp. news, VP Michael D. Buseman sold 8,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $40.00, for a total value of $320,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Plexus Corp. (NASDAQ:PLXS) and its subsidiaries delivers solutions to its customers through its Product Realization Value Stream.
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