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Raymond James Downgrades Plexus to 'Underperform'

Raymond James downgraded Plexus(PLXS) to underperform from market perform..

Analyst Shawn Severson says the downgrade was predicated on a less than compelling risk-to-reward reflected in current valuation and lingering conerns over the company's networking/datacom customer base (40% revenue). He notes apprehension regarding "emerging" customers.

Severson believes it may be difficult for the company to fend off competition from larger electronics manufacturing services companies that are pursuing Plexus's larger networking/telecom customers. Severson cut his $911 million fiscal 2002 (Sept.) revenue estimate to $896.4 million, and cut the $0.25 fiscal 2002 earnings per share estimate to $0.20. He also trimmed the $0.70 fiscal 2003 EPS to $0.60.

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