Wednesday, January 26, 2011

Molex Incorporated (NASDAQ:MOLX) Shows Some Upside Strength, but Limited

Molex Incorporated (NASDAQ:MOLX) looks to be operating inline with estimates, but according to Ticonderoga, does have some upside strength, although it will be limited in their view.

Ticonderoga says, "Looking into 3QFY11, Molex expects sales of $850-$890 million compared and pro forma EPS of $0.39 to $0.43 (Street at $0.40). At the mid-point of the outlook, sales are expected to decline by 3.5% Q/Q (vs. 13-yr average of down over 2%). For 3QFY11, we are raising our revenue estimate to $878 million from $863 million, while maintaining our pro forma EPS projection at $0.42. For FY11, we are raising our revenue estimate to $3.587 billion from $3.55 billion, while raising our pro forma EPS estimate to $1.80 from $1.79."

Ticonderoga reiterates a "Neutral" rating on Molex Incorporated (MOLX), which was trading at $26.64, up $1.30, or 5.13 percent, as of 2:56 PM EST.

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