Maxim Group analyst Nehal Chokshi reiterated a Buy rating on IEC Electronics (NYSE MKT: IEC) today and set a price target of $7. The company’s shares closed yesterday at $4.75.
Chokshi commented:
“March quarter consensus beat by 14% on top line, 5.9% EBIT margin close to our long-term target of 7.4%. Continued growth in backlog provides strong evidence that sustained top-and bottom-line growth will continue. Reiterating Buy rating and 12-month price target of $7, though pulling in PT basis from FY21, to FY19 (Sept Q end)..”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 17.9% and a 64.2% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
IEC Electronics has an analyst consensus of Moderate Buy, with a price target consensus of $7.
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The company has a one-year high of $5.05 and a one-year low of $3.35. Currently, IEC Electronics has an average volume of 9,800.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IEC in relation to earlier this year.
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IEC Electronics Corp. provides electronic manufacturing services to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The firm specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, precision sheet metal products, and advanced research and testing services. Its newest business unit, Dynamic Research and Testing Laboratory, which specializes in the testing and detection of counterfeit electronic parts, as well as component risk mitigation and advanced failure analysis for counterfeit electronics parts. The manufacturing services include printed circuit board and complex system level assembly, cable and wire harness assembly through IEC Electronics Wire & Cable, Inc. and Southern California Braiding Co., Inc., and precision sheet metal fabrication though Celmet Co., Inc. The company was founded by Roger E. Main in 1966 and is headquartered in Newark, NY.
