Jabil preannouncement not an incremental near-term negative for Flex, says BofA

After competitor Jabil (JBL) negatively preannounced its November-end quarter results and took down FY24 revenue guidance, BofA says Flex‘s (FLEX) guidance for FY24 already factored in weakness as the company recently reported its September-end quarterly results about a month back and also took down its FY24 revenue guidance. The firm does not see Jabil’s preannouncement as a further near-term negative read-through for Flex as management had already factored in weakness in consumer verticals in addition to weakness in the residential renewables market, says the analyst, who reiterates a Buy rating and $34 price target on Flex shares.