Jabil price target raised to $90 from $81 at Credit Suisse

Credit Suisse analyst Shannon Cross raised the firm’s price target on Jabil (JBL) to $90 from $81 and keeps an Outperform rating on the shares. The analyst now values the stock at 10-times hers 2024 non-GAAP EPS estimate, up one turn from prior reflecting improved supply of Apple (AAPL) iPhones which based on her checks are now readily available for delivery across the U.S.; and the recent Nextracker S-1 filing, which does not compete directly with Jabil, but she believes the transaction will pull more investor attention to the EMS sector, which is prime for a multiple re-rating as the market shifts to higher value, higher growth opportunities.