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Lehman Ups Sanmina-SCI to 'Overweight'

Lehman Brothers upgraded Sanmina-SCI (SANM) and Celestica (CLS) to overweight from equal-weight.

Analyst Louis Miscioscia says with the U.S. economy stabilizing, he looks for a gradual recovery in technology trends in the second-half of 2003, as well as in 2004 and 2005. He looks for renewed information-technology investments, as most companies no longer focus on cost management and cash flow.

Ahead of an expected tech trend recovery, Miscioscia recommends investors build positions in Sanmina and Celestica at current levels. He raised the 12-month price targets on Sanmina and Celestica to $11 and $20, respectively. He continues to rate Flextronics and Jabil Circuit as overweight, although he raised their targets to $15 and $30, respectively.

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