Sanmina stock saw its IBD SmartSelect Composite Rating rise to 98 Wednesday, up from 93 the day before.
The upgrade means the stock currently tops 98% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Sanmina stock has now climbed above a proper buy zone after breaking out from a 45.77 entry in a cup without handle.
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Sanmina stock has an 89 EPS Rating, which means its recent quarterly and annual earnings growth tops 89% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
In Q3, the company reported 31% EPS growth. That means it's now generated three straight quarters of rising EPS growth. Sales growth increased 22%, up from 12% in the prior quarter. The company has now posted accelerating growth in each of the last three reports.
Sanmina stock holds the No. 2 rank among its peers in the Electronics-Contract Manufacturing industry group. Benchmark Electronics is the No. 1-ranked stock within the group.
