Plexus (PLXS) PT Lowered to $108 at Needham & Company

Needham & Company analyst James Ricchiuti lowered the price target on Plexus (NASDAQ: PLXS) to $108.00 (from $110.00) while maintaining a Buy rating.

The analyst commented, "PLXS at an investor conference yesterday provided an update on the impact of the Malaysian government’s COVID-related lockdown, which led to the downside preannouncement late last month. Management also disclosed a separate issue related to a supplier-related part issue that the company identified. The combined impact of both developments is likely to reduce revenues by ~$100M from management’s prior guidance following the FQ2 report. The good news is that PLXS continues to see a robust demand environment and remains optimistic about generating 9-12% revenue growth beyond F21. We are reducing estimates for F21 and tweaking F22. We are maintaining our Buy rating, but trim our target price to $108 from $110 to reflect the near-term headwinds."

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