Shares of Jabil Inc (NYSE: JBL) have been a disappointment for investors this year, now down nearly 15%. Moving forward, however, JBL is where you want to be, says Citi’s Jim Suva.
Suva defends his bullish view on Jabil
According to the senior tech analyst, Jabil is his top tech stock; one that he likes more than any other name that he covers. This morning on CNBC’s “TechCheck”, Suva said:
Jabil makes a lot of things for Apple as well as other companies. We simply think that hardware is here to stay, but as people get out of their homes and start to go back to work, we’re going to see a shift from consumer spending over to the corporate side.
Last month, Jabil reported its financial results for the second quarter that handily topped Wall Street expectations.
Analysts see upside to $78 in Jabil stock
The Florida-based company also cited “secular tailwinds” as it offered upbeat guidance for the current quarter. The Wall Street consensus on JBL at present is “buy” with a price target of $78 (on average) that translates to a 30% upside from here.
Also on Tuesday, medical device company SaltMed signed a manufacturing agreement with Jabil Inc.
Other names that Suva likes in the tech space, include Apple Inc and Logitech International SA. He has a price target of $200 on the iPhone maker.
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