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Citigroup Inc. Slightly Ups Target Price for Benchmark Electronics, Inc; Maintains Sell (C,BHE)

Written on Fri, 07/30/2010 - 2:25pm
By Chip Brian

Citigroup Inc. (NYSE:C) slightly raised its target price by $1 on shares of Benchmark Electronics, Inc. (NYSE:BHE) Friday, to $16.
"We maintain our Sell (3S) rating on Benchmark Electronics as order trends and project wins disappoint," wrote Citigroup's Jim Suva. "The company has missed top-line guidance for two straight quarters, and we believe investors need to see more consistent execution before they regain [confidence] in BHE's ability to navigate a difficult supply chain environment."
SmarTrend currently has Benchmark Electronics in an Uptrend and is currently monitoring these developments and will alert subscribers to any change of trend.
Benchmark Electronics should find initial resistance at its 50-day moving average (MA) of $17.20 and further resistance at its 200-day MA of $19.08.
In the last five trading sessions, the 50-day MA has fallen 1.75% while the 200-day MA has slid 0.09%.
Shares in the contract electronics manufacturing provider are trading down 1.24% Friday afternoon at $16.70.


Company Information For: C

Contact Chip Brian
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