Flextronics also announced that its board of directors authorized management to buy up to $500 million worth of the company's stock.
The company purchased about $1.7 billion worth of shares, or 247 million shares, over the past four years. The timing and number of shares repurchased will depend on price, market conditions, and any applicable legal requirements, the company said. No timetable was given for the new buybacks, and the company can choose to suspend or end the program at any time.
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TheStreet Ratings team rates FLEXTRONICS INTERNATIONAL as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FLEXTRONICS INTERNATIONAL (FLEX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: