Jabil price target raised to $230 from $170 at Raymond James

Raymond James raised the firm’s price target on Jabil (JBL) to $230 from $170 and keeps a Strong Buy rating on the shares following May quarter results. Despite continued headwinds in auto and renewables, with associated underutilization, Jabil is seeing growth in targeted end markets, improving margin profile, and strong free cash flow and shareholder returns, the analyst tells investors in a research note. Jabil remains the firm’s top pick among the Electronics Manufacturing Services providers given clear evidence the company is executing successfully on business diversification efforts.