UBS analyst Steven Milunovich said many investors have not considered investing in Flex (FLEX) in more than five years but he believes they should. He said the stock is in the process of a multi-year upward re-rating as the company's Sketch-to-Scale strategy creates value for a more diversified customer list. He noted solid operating margins, the company's supply chain emphasis on speed, and upcoming catalysts, such as the Nike (NKE) plant in Mexico coming up to speed. Milunovich reiterated his Buy rating and raised his price target to $21.50 from $19.75 on Flex shares.