Craig-Hallum downgrades Sanmina to Hold following quarterly results

As previously reported, Craig-Hallum analyst Christian Schwab downgraded Sanmina to Hold from Buy with a $62 price target. The firm notes Sanmina reported mixed Q2 results with modestly lower-than-expected revenue continuing to be impacted by customer inventory digestions, though paired with better-than-expected profitability given favorable mix. The company guided Q3 lower than was previously expected with continued customer inventory headwinds, which management believes have now bottomed out, says Craig-Hallum.