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CIBC Downgrades Flextronics to Sector Perform

CIBC World downgraded electronics-contract manufacturer Flextronics (FLEX) to sector perform from sector outperform

Analyst Todd Coupland says second quarter results were mixed. The company's earnings per share was in line but revenues were modestly disappointing. He notes the company also reduced its outlook due to soft end markets and a Nortel facilities delay.

Coupland says the company's third-quarter revenue view of $4.1 billion to $4.4 billion is disappointing, as it's essentially flat with the second quarter due to muted seasonality for consumer products, revenues and EPS drag from the Nortel facilities delay. He cut his 66 cents fiscal 2005 earnings per share estimate to 62 cents, the 96 cents fiscal 2006 estimate to 80 cents, and the $25 target price to $13.

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