5 Best Mid-Cap Stocks to Buy Now

3. Flex Ltd. (NASDAQ:FLEX)

Market Cap as of September 2: $7.96 billion

Flex Ltd. (NASDAQ:FLEX) is a Singaporean electronics manufacturing services (EMS) and original design manufacturer (ODM) company. In the June quarter, the hedge funds showed a positive sentiment towards the company, with 50 hedge funds holding bullish positions. In the previous quarter, 48 hedge funds had stakes in the company.

In July, Flex Ltd. (NASDAQ:FLEX) reported its FQ1 2023 earnings, according to which it exceeded its EPS estimates by $0.06 at an EPS of $0.54. The revenue of $7.35 billion outperformed its estimates by $540 million and was 15.9% above the last quarter results. Furthermore, the company exited the quarter with $2.65 billion in cash & cash equivalents, and the total debt dropped to $3.13 billion from $3.24 billion in the previous quarter.

On August 16, Credit Suisse analyst Shannon Cross initiated Flex Ltd. (NASDAQ:FLEX)’s coverage with an Outperform rating and a $24 price target. Cross mentioned that the company competes with six diversified end markets, which allow a natural offset to product launches and cyclical spending.