Flex price target lowered to $28 from $34 at Craig-Hallum

Craig-Hallum analyst Christian Schwab lowered the firm’s price target on Flex (FLEX) to $28 from $34 and keeps a Buy rating on the shares. The firm notes Flex reported solid Q3 results with strength noted in its AI-driven cloud business offset by headwinds more broadly across the rest of its business. The company completed the stock spinoff of its remaining 51% ownership stake in Nextracker (NXT) at the beginning of January and therefore the firm’s Q4 and forward estimates no longer include the business and are not comparable with prior estimates.