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Needham Upgrades Jabil Circuit to 'Strong Buy'

Needham upgraded Jabil Circuit (JBL) to strong buy from buy.

Analyst John McManus says the upgrade reflects his increased confidence that his fiscal 2003 (Aug.) and fiscal 2004 estimates are achievable, and that industry diversification -- especially the in medical sector -- will be successful. McManus says Jabil is reporting the fastest earnings per share and revenue growth among its peers in the emergency medical service industry, aided by key acquisitions, restructuring savings, and new contract wins. He says Jabil is the fastest growing company of the top-tier contract assemblers, and notes expected business wins from Philips Medical this year.

McManus sees 19 cents third quarter earnings per share, and 73 cents for fiscal 2003, as well as $1.07 for fiscal 2004. He has a $29 target.

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