Flextronics International Ltd. (NASDAQ:FLEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $15.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 14.24% from the stock’s current price.

According to Zacks, “Flextronic International is a leading provider of advanced electronics manufacturing services to OEMs primarily in the telecommunications and networking, consumer electronics and computer industries. The company’s strategy is to provide customers with the ability to outsource, on a global basis, a complete product wherethe company’s take responsibility for engineering, supply chain management, assembly, integration, test and logistics management. The company provides complete product design services, including electrical and mechanical, circuit and layout. “

Several other research analysts also recently commented on the stock. Goldman Sachs Group Inc. raised shares of Flextronics International from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $16.00 in a research note on Tuesday. B. Riley reissued a “buy” rating and set a $14.50 target price on shares of Flextronics International in a research report on Tuesday, September 6th. Argus reissued a “buy” rating and set a $16.00 target price (up previously from $15.00) on shares of Flextronics International in a research report on Tuesday, July 26th. Raymond James Financial Inc. reissued a “strong-buy” rating and set a $14.00 target price on shares of Flextronics International in a research report on Tuesday, July 26th. Finally, Standpoint Research downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Flextronics International presently has a consensus rating of “Buy” and a consensus target price of $14.09.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/20/flextronics-international-ltd-flex-rating-increased-to-buy-at-zacks-investment-research.html

Shares of Flextronics International (NASDAQ:FLEX) traded up 0.46% on Tuesday, hitting $13.13. 5,718,089 shares of the stock traded hands. The stock’s 50 day moving average price is $12.88 and its 200 day moving average price is $12.44. The stock has a market cap of $7.17 billion, a P/E ratio of 16.62 and a beta of 0.97. Flextronics International has a 52-week low of $8.85 and a 52-week high of $13.49.

Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.27 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. The company had revenue of $5.88 billion for the quarter, compared to the consensus estimate of $5.71 billion. Flextronics International had a net margin of 1.77% and a return on equity of 22.68%. On average, equities analysts expect that Flextronics International will post $1.19 EPS for the current fiscal year.

In related news, Director William D. Watkins sold 8,000 shares of Flextronics International stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $12.35, for a total value of $98,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Humphries sold 203,489 shares of Flextronics International stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $13.03, for a total transaction of $2,651,461.67. Following the completion of the sale, the insider now owns 788,059 shares of the company’s stock, valued at $10,268,408.77. The disclosure for this sale can be found here. 0.94% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in FLEX. Panagora Asset Management Inc. boosted its stake in Flextronics International by 3.8% in the first quarter. Panagora Asset Management Inc. now owns 2,872,654 shares of the company’s stock worth $34,644,000 after buying an additional 105,162 shares during the period. BlackRock Group LTD boosted its stake in Flextronics International by 2.7% in the first quarter. BlackRock Group LTD now owns 4,892,921 shares of the company’s stock worth $59,007,000 after buying an additional 129,281 shares during the period. JPMorgan Chase & Co. boosted its stake in Flextronics International by 598.5% in the first quarter. JPMorgan Chase & Co. now owns 2,699,936 shares of the company’s stock worth $32,561,000 after buying an additional 2,313,386 shares during the period. BNP Paribas Arbitrage SA boosted its stake in Flextronics International by 88.0% in the second quarter. BNP Paribas Arbitrage SA now owns 386,610 shares of the company’s stock worth $4,562,000 after buying an additional 180,917 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in Flextronics International during the second quarter worth approximately $158,000. Institutional investors own 91.54% of the company’s stock.

About Flextronics International

5 Day Chart for NASDAQ:FLEX

Get a free copy of the Zacks research report on Flextronics International (FLEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Flextronics International Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flextronics International Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.