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Flextronics Seen Set For Long-Term Success Ed Lin, 11.09.05, 9:38 AM ET
Flextronics International
Banc of America Securities analyst Scott D. Craig said Flextronics International (nasdaq: FLEX - news - people ) "remains well positioned for long-term success with new programs ramping in 2006."
Craig wrote in a research report that Flextronics' revenue trends "appear to have stabilized." "We believe Flextronics' revenue is tracking at least in line with expectations. Long-term, Flextronics targets 10% to 15% revenue growth and we estimate fiscal 2007 revenue to grow 6% compared with consensus of 10%," he said.
The analyst said the company's component business (printed circuit boards, software, camera module, power systems, antennas) will be "one of the key growth drivers for the next few years."
A Flextronics share repurchase is "still unlikely" in the near term, but the company expects regulatory restrictions to buy back shares will be removed by Jan. 31, 2006. Craig expects the company to continue to buy back outstanding debt in the near term.
Craig rates Flextronics at "buy" with a 12-month price target of $12.50.
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