Deutsche Bank Downgrades Molex to Hold (MOLX)

Molex (NASDAQ:MOLX) was downgraded by equities researchers at Deutsche Bank from a “buy” rating to a “hold” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $32.00 target price on the stock, down from their previous target price of $34.00. Deutsche Bank’s price target suggests a potential upside of 6.81% from the stock’s previous close.

The analysts wrote, “MOLX reported lower F4Q-13 results and F1Q-14 guidance due to soft Mobile Devices (tablet) demand. Challenges in Mobile Devices aside, MOLX noted a number of positive trends, including improving daily order rates and Q/Q growth in all other segments. Mgmt sees a continued recovery, albeit a slow one, with Europe stabilizing and the US slowly improving. We have lowered our estimates and price target to reflecting a more muted Mobile Devices outlook. With shares trading at 17x our revised FY-15E EPS, we view further upside as unlikely and we are downgrading the shares to a Hold.”

Shares of Molex (NASDAQ:MOLX) traded up 1.13% during mid-day trading on Wednesday, hitting $30.30. Molex has a 52 week low of $24.89 and a 52 week high of $30.91. The stock’s 50-day moving average is currently $29.79. The company has a market cap of $5.384 billion and a P/E ratio of 20.66.

Molex (NASDAQ:MOLX) last announced its earnings results on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.35 by $0.02. The company had revenue of $182.90 million for the quarter, compared to the consensus estimate of $888.02 million. During the same quarter last year, the company posted $0.40 earnings per share. Molex’s revenue was up 2.8% compared to the same quarter last year. Analysts expect that Molex will post $1.47 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital reiterated a “sector perform” rating on shares of Molex in a research note to investors on Wednesday, July 10th. They now have a $29.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Molex in a research note to investors on Thursday, June 13th. They now have a $30.00 price target on the stock. Finally, analysts at Longbow Research downgraded shares of Molex from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, May 15th. They now have a $30.00 price target on the stock.

One research analyst has rated the stock with a sell rating and eight have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $27.64.

Molex Incorporated is a manufacturer of electronic connectors. The Company manufactures and sells electronic components.