Flextronics Pops on Call, Upgrade
Flextronics (FLEX) rose in early trading Tuesday, after the stock was upgraded and estimates raised by Wells Fargo Securities following an upbeat midquarter conference call.
Recently, shares were up 55 cents, or about 5%, at $12.12.
Flextronics said on the call that it has seen demand increase in several sectors and that business was better than expected in July and has been strong in August. The company expects to save about $45 million in interest expense after a convertible debt offering and pending tender offer for senior subordinated notes.
Analyst Jim Savage said the company's confidence is warranted, partially because of the long-term advantages of a pending acquisition. Savage upped his investment rating on the stock to buy from hold with a $15 price target.On Friday,
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