Flextronics International Lowered to “Hold” at Stifel Nicolaus (FLEX)
Flextronics International (NASDAQ:FLEX) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Monday, TheFlyOnTheWall.com reports.
The analysts wrote, “difficult demand environment,”
Flextronics International (NASDAQ:FLEX) traded up 0.11% during mid-day trading on Monday, hitting $9.53. 3,708,154 shares of the company’s stock traded hands. Flextronics International has a one year low of $7.01 and a one year high of $9.74. The stock has a 50-day moving average of $9.28 and a 200-day moving average of $8.42. The company has a market cap of $5.702 billion and a P/E ratio of 16.25.
Flextronics International (NASDAQ:FLEX) last released its earnings data on Wednesday, April 30th. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.04. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.10 billion. On average, analysts predict that Flextronics International will post $1.02 earnings per share for the current fiscal year.
In other Flextronics International news, major shareholder Glenview Capital Management, L sold 1,050,000 shares of the stock on the open market in a transaction dated Thursday, May 1st. The stock was sold at an average price of $9.15, for a total value of $9,607,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Several other analysts have also recently commented on the stock. Analysts at Argus upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Thursday. They now have a $13.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Flextronics International in a research note on Thursday, May 1st. They now have a $10.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Flextronics International from $10.00 to $11.00 in a research note on Thursday, May 1st. They now have an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. Flextronics International currently has an average rating of “Hold” and a consensus target price of $9.86.
Flextronics International Ltd. (NASDAQ:FLEX) is a global provider of global supply chain solutions, through which the Company designs, build, ship and services a packaged electronic product to original equipment manufacturers (OEMs) in the markets, which include High Reliability Solutions (HRS), which is consists of its medical, automotive, defense and aerospace businesses; High Velocity Solutions (HVS), which includes its mobile devices business, including smart phones, and consumer electronics, including game consoles, high-volume computing business, including notebook personal computing (PC), tablets and printers; Industrial and Emerging Industries (IEI), which is consists of its household appliances, equipment, and industries businesses, and Integrated Network Solutions (INS), which includes its telecommunications infrastructure, data networking, connected home, and server and storage businesses.
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