Citigroup (NYSE: C) maintained its “Hold” rating on Friday of SMART Modular Technologies Inc (Nasdaq: SMOD) and raised its price target on the company from $8.50 to $10.00, but commented that their top picks in the industry are Tyco Electronics (NYSE: TEL), Flextronics (Nasdaq: FLEX), and Jabil Circuit (NYSE: JBL).
Citigroup’s analyst said wrote that, “While impressed with SMOD’s results and improved end market demand outlook, we would not chase the stock given its recent run and +15% after hours stock price reaction. We prefer to wait for further clarity on shift to higher density modules and traction in its SSD endeavors before fully giving the company credit for such relatively new efforts. Our top picks remain Amphenol (NYSE: APH), Tyco Electronics (NYSE: TEL), Flextronics (Nasdaq: FLEX), and Jabil Circuit (NYSE: JBL).”
