Shares of Multi-Fineline Electronix Inc. were a bright spot in an otherwise brutal day on Wall Street.
The Anaheim-based maker of flexible circuit boards saw its share rise 7% to $34.16 after an analyst upgraded his outlook on the company from “neutral” to “strong buy.”
Hugh Mai, an analyst with First Albany Capital, said investors mistakenly believe the future of Multi-Fineline is closely linked to sales of Motorola Inc.’s Razr phones, according to an Associated Press report.
The company, which goes by M-Flex, could see strength from the overall growing popularity of slim phones, softening the impact of a decline in Razr sales, Mai said.
The popularity of Razr phones has been a boon to M-Flex during the past several quarters. M-Flex makes the circuitry guts that fit into the tight confines of slim phones, including the Razr.
The Dow Jones Industrial Average fell nearly 2%.
