Benchmark ‘optimistic’ on expedited resolution of Plexus spot on unverified list

Benchmark notes Plexus issued a press release this morning addressing the fact that the U.S Department of Commerce placed its Xiamen, China subsidiary on the Bureau of Industry and Security’s Unverified List, highlighting that inclusion on the list does not prohibit customers or suppliers from conducting business with the company. The firm, which calls addition to the list a “surprise” and suspects Plexus had little warning of the forthcoming enforcement, thinks the issue is most likely directly related to the approval for inspection and not a violation of export rules. Benchmark, which is “optimistic” about an “expedited resolution” to the matter, keeps a Buy rating and $110 price target on Plexus shares.