Citi Provides Color on Flextronics International's Investor Day

According to a recent report, Citi Group is reiterating its June outlook on Flextronics International FLEX after yesterdays annual investor day in New York. The previously set price target is at $9.00 and the company maintains a Hold rating. Some topics covered throughout the meeting were: FLEX's exit from the PC Business, the reclassification of their reporting business segments, positive organic growth, new financial goals of 10% sales growth and 3.5% operating margins, and the FLEX decreasing debt. Overall, Citi believes that the company's outlook it positive but remains challenged. In the report, Citi said, "We view the move by Flextronics to exit the PC business as a positive but we do not see any near term identifiable positive catalysts." FLEX closed yesterday at $6.78.