Plexus Corp. Downgraded by Zacks to Neutral (PLXS)
Plexus Corp. (NASDAQ:PLXS) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, StockRatingsNetwork reports. They currently have a $45.00 price objective on the stock. Zacks‘ target price points to a potential upside of 3.95% from the stock’s previous close.
Zacks‘ analyst wrote, “Plexus reported an in-line fourth quarter of fiscal 2013. The company provided optimistic first-quarter guidance based on new business opportunities, particularly in the industrial/commercial and healthcare/life sciences sectors. We believe that global expansion as well as consolidation of facilities will drive profitability over the long term. Moreover, the disengagement from Juniper is expected to improve the product mix, going forward. However, we believe that a sluggish demand environment will continue to hurt Plexus in the near term. Additionally, the Juniper disengagement is expected to hurt top-line growth in fiscal 2014. Moreover, a matured electronic manufacturing services market and intense competition remain other long-term headwinds for Plexus. Thus, we downgrade our recommendation from Outperform to Neutral and set a price target of $45.00.”
Plexus Corp. (NASDAQ:PLXS) traded down 0.95% on Thursday, hitting $42.88. 80,657 shares of the company’s stock traded hands. Plexus Corp. has a one year low of $23.45 and a one year high of $43.43. The stock has a 50-day moving average of $40.67 and a 200-day moving average of $36.26. The company has a market cap of $1.449 billion and a price-to-earnings ratio of 18.34.
Plexus Corp. (NASDAQ:PLXS) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.67 EPS for the quarter, meeting the Thomson Reuters 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 in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was down 4.5% on a year-over-year basis.
In other Plexus Corp. news, VP Steven Frisch unloaded 3,802 shares of the stock on the open market in a transaction dated Monday, December 23rd. The shares were sold at an average price of $42.73, for a total value of $162,459.46. Following the completion of the transaction, the vice president now directly owns 16,635 shares in the company, valued at approximately $710,814. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of other analysts have also recently weighed in on PLXS. Analysts at Sidoti initiated coverage on shares of Plexus Corp. in a research note to investors on Thursday, December 12th. They set a “neutral” rating on the stock. Separately, analysts at Bank of America Corp. downgraded shares of Plexus Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, October 25th. They now have a $36.00 price target on the stock, down previously from $40.53. Finally, 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, October 21st. They now have a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Plexus Corp. has an average rating of “Hold” and an average target price of $37.86.
Plexus Corp. (NASDAQ:PLXS) and its subsidiaries delivers solutions to its customers through its Product Realization Value Stream.
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