Benchmark increased its price objective for Plexus (NASDAQ: PLXS) to $195.00, up from $165.00, and kept a Buy recommendation as the electronics manufacturing services provider prepares to report fiscal first-quarter results. The company was trading at $173.51 at the time of the update, reflecting an 18% gain so far this year and trading near its 52-week high of $186.47.
Plexus is set to disclose quarterly results after the market close on Wednesday, with a follow-up conference call scheduled for Thursday morning. The company carries a market capitalization of $4.64 billion and, according to InvestingPro data cited in the research note, registers a Piotroski Score of 9.
Benchmark signaled expectations that reported results will be largely consistent with current estimates, while management’s commentary could edge the outlook modestly above consensus. The research firm also pointed to Plexus’s PEG ratio of 0.48 as evidence that the stock may be trading at an attractive valuation relative to its expected growth rate.
In its analysis, Benchmark identified several potential sources of revenue upside. These include continued recovery across end markets, a strengthening in semiconductor capital equipment demand, and improving production trends at Boeing that could contribute positively to guidance. Over a longer horizon, the firm believes Plexus could enter what it describes as a "durable, long tailed growth cycle." That longer-term view is predicated on market share gains and improving demand across semiconductor capital equipment, commercial aerospace, defense, and space sectors, together with more favorable inventory dynamics in the medical segment.
The research note frames these industry and end-market developments as potential catalysts that could support Plexus’s revenue trajectory and valuation. Benchmark’s maintained Buy rating and higher price target reflect the firm’s assessment of both near-term stability around the upcoming quarter and a multi-sector demand backdrop that could underpin longer-term growth.
Investors will be watching the post-close release and the subsequent conference call for confirmation of management’s tone and any guidance revisions that might validate Benchmark’s modestly improved outlook.