Flex price target lowered to $40 from $52 at JPMorgan

JPMorgan lowered the firm’s price target on Flex (FLEX) to $40 from $52 and keeps an Overweight rating on the shares. The firm updated hardware and networking models to reflect its best view of the second order impact of the current macro uncertainty stemming from tariffs. JPMorgan now embeds a broader macro slowdown and associated demand moderation across most customer verticals into its estimates. The analyst expects a macro slowdown to lead to lower demand from consumers, as well as enterprises and telecom customers.