Jabil (JBL) - Get Jabil Inc. Report shares rose nearly 11% Wednesday after the circuit maker and Apple (AAPL) - Get Apple Inc. (AAPL) Report supplier released strong third-quarter results.

Third-quarter core earnings were 57 cents a share vs. 46 cents a year earlier and met consensus estimates of 57 cents.

Third-quarter net revenue rose 13% to $6.14 billion and beating consensus of $6.01 billion.

Jabil forecast core fourth-quarter earnings in a range between 76 cents and 96 cents a share. Analysts estimate 86 cents. The tech company sees fourth-quarter net revenue between $6.3 billion and $6.9 billion vs. estimates of $6.42 billion.

However, Jabil said it sees continued weakness in semi-capital equipment, telecom services -- Apple is a top customer -- and automotive.

Citigroup analyst Jim Suva wrote in a note that although he is encouraged by the company's efforts, a disappointment in Apple results and/or guidance could pressure Jabil as Apple makes up nearly 28% of the company's sales.

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Suva rated the stock a sell with a price target of $27, up from $26.

Stifel's Matthew Sheerin noted that Jabil had a "solid performance in [a] tough market." The analyst maintained his hold rating and $30 price target.

There are four buys, four holds and one sell rating on the stock, with an average price target of $32, according to Bloomberg.

Jabil shares rose 10.3% to $30.13 on Wednesday.

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