Sanmina drops 7.3% on Goldman downgrade

• Believing its valuation is high and end-market demand is weakening, Goldman has downgraded Sanmina (NASDAQ:SANM) to Sell, and set a $20 target.
• The contract manufacturer currently goes for 9x an FY16 (ends Sep. '16) EPS consensus of $2.32. Shares rallied in July thanks to an FQ3 beat and strong guidance.