Raymond James analyst Brian Alexander downgraded Jabil Circuit to Market Perform from Strong Buy as shares have reacehed his previous $26 price target and his thesis has played out. Alexander is impressed with improvement in the EMS business over the past three years, but further upside from already healthy FY17E levels seems challenging. The analyst said investors are paying for a DMS recovery from here, and he struggles to bridge current trends to management's 5-7% target, considering FYQ1 2017 DMS margins were just 5% in what is typically the peak quarter.