UPDATE: Deutsche Bank Lowers PT on Sanmina-SCI to $12 (SANM)

Deutsche Bank is out with its report today on Sanmina-SCI SANM, lowering its PT from $13 to $12. In a note to clients, Deutsche Bank writes, "Weakness in the communications market and delays in defense spending hurt SANM's F2Q-11 results which were in line with preA'd guidance. F3Q-11 guidance was mixed, with lower margins pressuring EPS. Following a disappointing F1H-11, mgmt sees demand improving in F2H-11, which is expected to be stronger than F1H-11. We view lower gross margins as a disappointment, and have lowered our price target (to $12 from $13) and EPS estimates on weaker margins. Shares remain fairly valued based on our revised estimates. Maintain Hold." At the time of posting, shares of SANM were trading pre-market at $11.40, down 0.44% from Thursday's close.