Piper Jaffray Ups Price Target on Jabil Circuit
Piper Jaffray raised its price target on Jabil Circuit (JBL ).
Analyst Jesse Pichel said the company's results are in line with guidance and street expectations. She said that Jabil consistently executes, which manifests itself in industry-leading growth and financial performance. Despite little growth for most competitors, she sees no slowdown in Jabil's growth momentum and looks for another strong year of about 20% revenue growth and 25% earnings per share growth in fiscal year 2006 (ending August), aided by increased outsourcing, market share gains, and modestly better end-market demand in select markets. She raised her $1.60 fiscal year 2006 earnings per share estimate to $1.62 and her $32 target to $38. She kept her rating at outperform.