Maxim Group Believes IEC Electronics (NYSE: IEC) Still Has Room to Grow

By Jason Carr

Maxim Group analyst Nehal Chokshi reiterated a Buy rating on IEC Electronics (IECResearch Report) today and set a price target of $10. The company’s shares closed yesterday at $7.48, close to its 52-week high of $7.94.

Chokshi said:

“Strong bottom-line performance, while cash from operations temporarily pressured from passive component shortages. December quarter (F1Q19) bookings of ~$57M impresses, bringing past 3 quarterly booking average to $52M, which we estimate is up ~60% y/y, powered by market share gains. Raising estimates and 12-month price target to $10, from $9 and reiterating Buy rating.”

According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 12.7% and a 62.3% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.

Currently, the analyst consensus on IEC Electronics is a Moderate Buy with an average price target of $10.

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The company has a one-year high of $7.94 and a one-year low of $3.99. Currently, IEC Electronics has an average volume of 50.47K.

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IEC Electronics Corp. provides electronic manufacturing services to technology companies that produce products for the medical, industrial, aerospace and defense sectors. It delivers technical solutions for the custom manufacturing, product configuration, and verification testing of engineered products.