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SoundView Ups Flextronics Estimates

SoundView raised its estimates for Flextronics (FLEX). On Aug. 18, the company gave a mid-quarter update.

Analyst Michelle Lin Guiterrez says Flextronics cited signs of a broad-based recovery. She notes that after several reports of stable demand, July was stronger than expected, with telecom -- particularly wireless -- leading the way. She says customers provided a positive outlook Flextronics hasn't seen for some time. The analyst says once the company completes its debt refinancing, it could cut its interest expense by up to $45 million, or 6 cents to 7 cents per share annually. She notes the company's purchase of Microcell Group should be accretive to fiscal 2005 (ending March) EPS. She increased her 28-cent fiscal 2004 EPS estimate to 36 cents and her fiscal 2005 forecast from 52 cents to 65 cents, and reiterated a neutral opinion on the stock.

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