Jabil received a price-target increase Thursday from RBC Capital Markets after the provider of electronic-manufacturing services released fiscal Q3 results above analysts’ expectations late Wednesday. The new price target is $31 per share, up from $27. The new target is slightly above the stock’s Wednesday closing price of $30.63 but below the $31.55 the stock reached in after-hours trading on the better-than-expected results. RBC kept its investment rating on the stock at sector perform. For the quarter ended May 31, Jabil reported adjusted earnings per share of $0.31, up from $0.17 a year earlier and above analysts’ mean estimate according to Capital IQ of $0.29. Revenue climbed to $4.49 billion from $4.31 billion, topping analysts’ mean estimate of $4.40 billion.
For Q4, the company forecast adjusted EPS of $0.50 to $0.74 and net revenue of $4.7 billion to $5.1 billion. In comparison, analysts were expecting adjusted EPS of $0.61 and net revenue of $4.79 billion; those estimates have since been adjusted to $0.62 and $4.89 billion, respectively. The company also said its forecast for fiscal 2018 suggests adjusted EPS “in the neighborhood of $2.60.” Analysts’ mean estimate had been $2.44, which has since increased to $2.57.