The firm also upped its price target to $16 from $13 on shares of the Singapore-based provider of engineering, manufacturing and supply chain services and solutions.
Goldman said the company is entering the footwear manufacturing market due to its expanded partnership with Nike (NKE), which almost doubles its addressable market, the Fly noted.
Additionally, Flex has diversified its end-market exposure, making it less dependnet on traditional technology markets such as handsets, according to the firm.
The stock also trades at a discount to the group despite better growth and diversification, Goldman added.
Shares of Flextronics were edging higher on heavy trading volume late Tuesday afternoon. More than 4.4 million of the company's shares traded so far today, above its average volume of 3.4 million shares per day.
Separately, TheStreet Ratings Team has a "buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and notable return on equity. The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FLEX