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Jabil Analysts Slash Their Forecasts Following Q3 Results

Published 21/06/2024, 14:10
© Reuters.  Jabil Analysts Slash Their Forecasts Following Q3 Results
JBL
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Jabil Inc. (NYSE:JBL) posted better-than-expected third-quarter results on Thursday.

Jabil reported third-quarter fiscal 2024 revenue of $6.77 billion, down by 20.2% year-on-year, beating the analyst consensus estimate of $6.53 billion. The print manufacturing company’s adjusted EPS of $1.89 beat the analyst consensus of $1.85, according to data from Benzinga Pro.

"It's clear that Jabil has navigated a period of significant transformation this fiscal year: a year in which we divested our Mobility business, captured growth in the AI datacenter space, and experienced softness across multiple end-markets," said CEO Mike Dastoor.

Jabil said it expects fourth-quarter revenue of $6.3 billion – $6.9 billion (consensus: $6.8 billion) and adjusted EPS to $2.03 – $2.43 (consensus: $2.22).

The company also reiterated FY24 revenue guidance of $28.5 billion (vs. consensus: $28.49 billion) and core EPS of $8.40 (vs. estimate of $8.37).

Jabil shares dipped 11.4% to close at $111.79 on Thursday.

These analysts made changes to their price targets on Jabil after the company reported quarterly results.

  • UBS cut the price target on Jabil from $130 to $120. UBS analyst David Vogt maintained a Neutral rating.
  • JP Morgan lowered Jabil price target from $145 to $137. JP Morgan analyst Samik Chatterjee maintained an Overweight rating.
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Latest Ratings for JBL

DateFirmActionFromTo
Dec 2021B of A SecuritiesMaintainsBuy
Dec 2021Raymond JamesMaintainsStrong Buy
Dec 2021Goldman SachsUpgradesNeutralBuy
View More Analyst Ratings for JBL

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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