Flextronics International Ltd. (NASDAQ:FLEX): Needham Upgrades to “Buy”, Hits 52 week high

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Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – The stock of Flextronics International Ltd. (NASDAQ:FLEX) recently received an upgrade by equity analysts at Needham & Company LLC who assigned a “buy” rating in a research note issued on Thursday, May 22, 2014, upgrading the stock from their previously assigned “hold” rating. The analysts now maintain a price target of $12 on the stock which suggests potential upside of 17.76% from its previous close.

Analyst Updates:

Several other equity researchers have also commented on the stock of Flextronics International Ltd. (NASDAQ:FLEX). Equity analysts at Stifel Nicolas downgraded the stock from a “buy” rating to a “hold” rating in a research note released on May 12, 2014. Investment analysts at Argus upgraded the stock to a “buy” rating from a previously held “hold” rating with a price target of $13. Investment analysts at Citigroup Inc. reaffirmed a “hold” rating on the stock with a price target of $10.

The stock of Flextronics International has been assigned a “buy” rating by four research analysts; a “hold” rating by five research analysts; and a “sell” rating by one research analyst. The stock has an average rating of “hold” and a consensus price target of $10.40.

Yearly High: A Selling Opportunity

On Friday, the stock of Flextronics International Ltd. (NASDAQ:FLEX) closed at $10.19, gaining 1.49% from its previous close. During the trade, the stock hit a fresh 52 week high of $10.25. The recent surge in its stock price has encouraged some insider selling with CEO Michael McNamara unloading 97,795 shares and President, HRS Paul Humphries unloading 31,625 shares of the company’s common stock in a transaction dated May 22, 2014.

McNamara sold the shares at an average price of $9.66 for a total transaction value of approximately $944,699. Following this transaction, the CEO now holds 2.02 million shares of the company’s common stock. Humphries sold the shares at an average price of $9.70 for a total transaction value of approximately $$306,762. Following this transaction, Humphries now owns 335,125 shares in the company’s common stock.

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