| Author | Message | ||
     Jfh Moderator Username: Jfh Post Number: 986 Registered: 10-2003 |
S&P REITERATES BUY OPINION ON SHARES OF FLEXTRONICS INTERNATIONAL FLEX; $11.44 FLEX posts December-quarter non-GAAP EPS of 30 cents (GAAP loss per share 94 cents including acquisition and other charges), vs. 23 cents (GAAP EPS 20 cents), 5 cents above our estimate. Revenues rose 67%, topping our projection. We observe a smooth integration of acquired Solectron plants and staff, and believe FLEX has an opportunity to prosper as a consolidator in the maturing EMS industry. We are raising our operating estimates (before acquisition charges) to 99 cents from 93 cents for fiscal 2008 (Mar.), and to $1.25 from $1.20 for fiscal 2009. We are increasing our P/E-based 12-month target price to $14 from $12. /T.Smith, CFA |
