Plexus

PLXS · NASDAQ

$236.44+$1.50 (+0.64%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $234.94

PLXS analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $311.65 (+31.8% upside)

Low: $277.75
Now: $236.44
High: $346.50

Upgrades and downgrades

The latest rating actions, newest first

PLXS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keybanc	Sep 22, 2026	Upgrade	Sector Weight → Overweight	$300.00	61%
Needham	Aug 14, 2026	Maintains	Buy	$310.00	51%
Sidoti & Co.	Jul 31, 2026	Upgrade	Neutral → Buy	$308.00	42%
Stifel	Jun 22, 2026	Maintains	Buy	$280.00 → $330.00	73%
Needham	Jun 1, 2026	Maintains	Buy	$285.00 → $310.00	51%
Needham	May 1, 2026	Maintains	Buy	$206.00 → $285.00	51%
Stifel	Apr 20, 2026	Upgrade	Hold → Buy	$200.00 → $250.00	73%
Benchmark	Mar 16, 2026	Maintains	Buy	$220.00	51%
Stifel	Jan 30, 2026	Maintains	Hold	$150.00 → $200.00	73%
Benchmark	Jan 30, 2026	Maintains	Buy	$195.00 → $220.00	51%

The case for and against

Updated Oct 14, 2026

Bull case

Plexus is positioned for durable multi-year growth because its regulated, high-complexity end markets in Aerospace/Defense, Healthcare/Life Sciences, and Industrial are all seeing improving demand, with management now modeling FY27 EPS of $10.26 and FY28 EPS of $12.16. The bullish case is reinforced by strong share gains in semicap, record A&D wins, and emerging data-center opportunities, while roughly $6 billion of current revenue capacity and about $500 million of added capacity support scaling without heavy capital intensity. Operational leverage is also improving, with operating margin exiting the last quarter at 6.3%, a 10% efficiency gain that avoided roughly $20 million of capex, and cash cycle days at 62, suggesting stronger free cash flow as growth normalizes.

Bear case

Plexus is exposed to several fundamental headwinds that could weigh on revenue visibility and margins, including global supply chain instability, weakening electronics demand, and the risk of losing its largest customers. Its bear case also points to a stalled commercial aerospace recovery, semicap demand normalization, and slower data center ramps, while macro softness and customer pushouts could compress win replenishment and slow funnel conversion. With increased compensation, technology, and program-ramp spending already pressuring operating margin below the 6% target, plus CFO transition risk and competitive pressure from top-tier EMS peers, earnings visibility appears fragile.

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