Benchmark Electronics price target raised to $31 from $29 at Lake Street

Lake Street raised the firm’s price target on Benchmark Electronics to $31 from $29 and keeps a Buy rating on the shares after the company reported revenue below estimates, but EPS came in slightly better than expected. While “disappointed” that 2024 is “setting up to be another reset year from a growth perspective,” the firm is encouraged by the strong gross margin outlook and has confidence that earnings should not see a significant decline, even in light of revenue headwinds.