Jabil Receives FDA Nod For Protective Face Masks
Jabil Circuit has received the go ahead from the US Food and Drug Administration to supply PPE (personal protective equipment) medical-quality, made in USA face masks, the manufacturing services company said on Feb. 18. The company, along with its subsidiary medical device company, NP Medical, will source the masks through Jabil’s manufacturing center in Memphis, Tennessee.
Jabil (JBL) is a General Services Administration (GSA) schedule holder and as such, is positioned to quickly support the mask mandate issued by President Biden.
Jabil’s SVP of business development Charlie Main said, “Our work with local and state governments to fulfill high-volume orders of PPE made in the USA means the general population can get access to these highly effective masks. Designed to meet the stringent protection requirements of operating room personnel, general healthcare workers and their patients, these masks are ideal for protecting employees and complying with the mask mandate.”
The mask will be a single-use, disposable, three-ply surgical mask providing over 99% PFE (Sub-micron Particulate) and BFE (Bacterial Filtration Efficiency). (See Jabil stock analysis on TipRanks)
Around two months back, Citigroup analyst Jim Suva raised the price target from $50 to $60 and reiterated a Buy rating on the stock. Suva said in a research note that JBL’s improved outlook for FY21 after its 1Q FY21 results is “especially impressive.”
Overall, analysts are cautiously optimistic about the stock and the consensus rating is a Moderate Buy, with 3 analysts suggesting a Buy and 3 analysts recommending a Hold. The average analyst price target of $50.50 implies 15.6% upside potential to current levels.
JBL scores an 8 out of 10 on the TipRanks Smart Score system, indicating that the stock is likely to outperform the market.
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