Flex price target raised to $60 from $50 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Flex (FLEX) to $60 from $50 and keeps an Overweight rating on the shares. The firm says it is not an easy call as Flex shares are trading at ATH price and valuation, but the EMS space has enjoyed multiple expansion as the industry has become more disciplined and gross margins have expanded. Additionally, KeyBanc likes the company’s differentiated Data Center strategy, which covers more of the product-and-service TAM to include its suite of power products built on proprietary Flex IP.