Needham raised the firm’s price target on Plexus to $114 from $107 and keeps a Buy rating on the shares after its Q2 earnings beat and above-consensus guidance. The impact of the company’s recent cost-cutting is helping offset the impact of weak demand, particularly in the Healthcare Life Sciences and Industrial market verticals, the analyst tells investors in a research note. From a demand standpoint, Plexus saw challenging conditions in Healthcare/Life Sciences and Industrial, though its Aerospace & Defense business was a bright-spot, the firm added.
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