Shares of electronics manufacturing services provider Jabil (NYSE:JBL) jumped 3.7% in the afternoon session after UBS raised its price target on the stock to $230 from $208, while maintaining a Neutral rating. The adjustment from the investment bank arrived as Jabil's stock reached a new all-time high of $232.88. This performance reflected a strong upward trend for the company, which also had its quarterly results scheduled for later in the week. The higher price target, despite the unchanged rating, signaled increased confidence from the analyst firm regarding the company's valuation and future prospects.

The shares closed the day at $233.13, up 4% from previous close.

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Jabil’s shares are somewhat volatile and have had 11 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 24 days ago when the stock dropped 3.1% on the news that markets pulled back with the decline concentrated in the tech space as investors engaged in profit-taking following a robust week that saw the S&P 500 hit a new record.

Adding to the pressure, new inflation data, specifically the Core PCE, showed an acceleration in July, signaling that rising prices remain a risk despite being in line with expectations. This confluence of factors, including market highs heading into a historically weak September, led to a pullback, with the Nasdaq Composite shedding 1.15%. While the Federal Reserve has hinted at potential rate cuts, the focus on inflation and the jobs market continues to influence investor sentiment.

Jabil is up 63.7% since the beginning of the year, and at $233.77 per share, has set a new 52-week high. Investors who bought $1,000 worth of Jabil’s shares 5 years ago would now be looking at an investment worth $7,029.

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