Sanmina Corp faces stock decline amid market conditions
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 24 2024
0mins
Should l Buy SANM?
Source: Coinmarketcap
Sanmina Corp's stock price fell by 6.61% during regular trading, crossing below the 20-day SMA. This decline occurred despite the Nasdaq-100 showing a slight increase of 0.37%, indicating a potential sector rotation.
The company's recent announcement of a new factory in Houston, Texas, aimed at expanding its energy business, highlights a strategic move to meet growing market demand for high-quality energy products. The factory is set to begin production in 2027, with initial customer commitments already secured, which suggests a positive outlook for future revenue streams. However, the stock's performance today reflects broader market dynamics rather than the company's growth prospects.
Investors may need to consider the implications of this stock movement, as the decline could be seen as a reaction to sector rotation rather than a reflection of Sanmina's operational strength. The company's expansion plans could still position it favorably in the long term.
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Analyst Views on SANM
Wall Street analysts forecast SANM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SANM is 180.00 USD with a low forecast of 180.00 USD and a high forecast of 180.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 142.340
Low
180.00
Averages
180.00
High
180.00
Current: 142.340
Low
180.00
Averages
180.00
High
180.00
About SANM
Sanmina Corporation is a global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. It provides end-to-end manufacturing solutions, delivering support to original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Its operations are managed in two businesses: Integrated Manufacturing Solutions (IMS) and Components, Products and Services (CPS). IMS segment consists of printed circuit board assembly and test, high-level assembly and test and direct-order-fulfillment. CPS includes advanced printed circuit boards, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts and plastic injected molded parts. Its products include optical, radio frequency and microelectronic design and manufacturing services, multi-chip package memory solutions, high-performance storage platforms and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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