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JBL - Flex: Strategic Transformation May Take More Time Than Anticipated
Jabil Inc.
Investment Thesis
Flex Ltd. (FLEX) delivered a poor quarter as the company struggled to grow its revenue. The company is in the midst of shifting its focus towards higher margin, and longer cycle products and services. This should improve its operating margin in the long-term. This strategy will also allow it to capture growth in other emerging industries such as the automotive market. However, given the challenging macro environment, and the time it may take to transform its portfolio mix, we feel investors may want to stay on the sidelines.