Ahead Of The Bell: Jabil Circuit Downgrade

NEW YORK (AP) — Jabil Circuit Inc., whose shares have risen sharply over the past three months, drew a downgrade Tuesday from a Credit Suisse analyst.

The stock closed at $8.34 on Monday, up from a 52-week low of $3.10 set March 10.

Meanwhile, at recent investor conferences, the St. Petersburg, Fla.-based company "noted its lack of visibility and reluctance to call a demand bottom," Credit Suisse analyst William Stein told clients in a note Tuesday.

Stein raised his price target to $8.50 from $6, but cut his rating to "Neutral" from "Outperform."

He expects the electronics manufacturing services company's guidance for the quarter ending in August to be flat compared with the previous quarter.

That's a more cautious view that the average forecast from analysts polled by Thomson Reuters, who expect sales to climb 6 percent quarter-over-quarter.

Jabil Circuit shares were flat in premarket trading Tuesday.