Shares of Flex (NASDAQ: FLEX) are rising today, up by 12% as of 1:34 p.m. EDT, after getting positive commentary from Wall Street. RBC Capital and J.P. Morgan both upgraded their respective views on the consumer electronics contract manufacturer.
RBC Capital analyst Robert Muller raised his rating on Flex shares from sector perform to outperform while also increasing his price target from $12 to $16. The analyst suggested that investors are not fully appreciating the value of NEXTracker, the solar-tracking company that Flex acquired in 2015 for $245 million. Muller is encouraged by the recent public debut of Array Technologies, which saw its stock surge by nearly 70% on the first day of trading earlier this week. Array is a smaller solar-tracking company based in New Mexico.