- Goldman has downgraded contract manufacturer Jabil (JBL -3.1%) to Neutral, and IT hardware/chip distributor Avnet (AVT -3.4%) to Sell.
- Regarding Jabil, Goldman still sees upside to analyst EPS estimates, but considers this "offset by customer concentration and valuation." It's also worried on Jabil's dependence on Apple (seeing strong iPhone 6 demand, from all indications) to drive growth.
- As for Avnet, the firm is worried 1H15 sales could be soft, and that this could lead to multiple contraction.
- Jabil is up over 20% YTD, while Avnet is nearly flat.