Flex initiated with an Overweight at KeyBanc

KeyBanc initiated coverage of Flex (FLEX) with an Overweight rating and $41 price target The company is increasing exposure to large, diverse, higher value end markets to improve its resiliency and profitability, the analyst tells investors in a research note. The firm thinks Flex has positioned itself to benefit from a variety of secular growth markets like data center and next generation mobility. It expects the company’s “pivot toward higher growth, higher margin opportunities will continue.”