Contract manufacturing stocks gained ground Monday after a Banc of America Securities analyst raised price targets and made some upbeat comments.
Jabil Circuit (NYSE: JBL) shares hustled up 6 3/16, or 13 percent, to 52 1/2 after analysts Paul Fox bumped his 12-month price target to $65 a share from $55 a share.
Fox said Jabil, which posted strong sales and earnings in its third quarter, will continue to add new customers as it diversifies its revenue stream away from Hewlett-Packard (NYSE: HP) laser jet sales.
Fox raised its 12-month price target on Sanmina (Nasdaq: SANM) to $170 a share from $150 a share, saying an increased product mix and accelerated communications outsourcing positions the company strongly.
Sanmina shares stormed up 8 3/4, or 9 percent, to a 52-week high of 106 13/16.
Flextronics (Nasdaq: FLEX), which gained 2 13/16 to 74 1/4, after Fox said the company was building handsets for Siemens that would allow the company to grow five-times faster than the rest handset industry.
Solectron (NYSE: SLR) shares added 9/16 to 39 1/8.