Deutsche Bank Reiterates Buy On FLEX Following Analyst Day

Deutsche Bank is reiterating its Buy rating and $10 price target on Flextronics International FLEX following the conpany's recently held Analyst Day. According to Deutsche Bank, “FLEX hosted its Analyst Day in New York, giving long-term targets for ROIC, sales growth, OpMgns, cash generation and EPS growth, but maintaining June Q guidance of revenue of $7.1-$7.6B and EPS of $0.20-$0.23 ex-options. As we expected, FLEX also gave an update on the notebook/ODM business, which the company will be de-emphasizing, and gave additional detail on the issues in the Components segment. FLEX rolled out a reorganized of its industry segments, providing growth and OpMgn targets for each group. With shares trading below historical valuations and below peers, we very valuation as attractive and reiterate our Buy.” FLEX closed at $6.76 yesterday.