Company Notes

The shares of Lyft (LYFT; $15.98; O/P) are down 35% from recent highs in mid-November, including -18% since January 8th when CEO David Risher reiterated in a LinkedIn post that the company still targets 2027E…

Uber Technologies (UBER; $73.92; E/W) produced gross bookings (GB) and adjusted EBITDA in Q4 that were ahead of our and Street expectations highlighting how the combined Mobility and Delivery platforms continue to penetrate a massive…

The shares of Flex (FLEX; $55.66; O/P) are down 16% today despite what we think was a healthy FQ3 (Dec) “beat and raise”, especially when it comes to recent operating margin expansion. Admittedly, it is…

We reiterate our Outperform and raise our target from $300 to $350 on the shares of WD Corporation (WDC; $290.24) and its new and streamlined branding after attending the company’s Innovation Day yesterday in New…

We stick with our Outperform on Benchmark Electronics (BHE; $56.02; O/P) after Q4 results and guidance proved to be favorable relative to our expectations around sales and operating margins. At the same time, we “only”…

Flex (FLEX; $65.99; O/P) reported FQ3 (Dec) adjusted EPS of $0.87, which was well ahead of our consensus matching $0.78 on sales of $7,058mm that also comfortably beat our $6,900mm and the Street’s $6,829mm. By…

Benchmark Electronics (BHE; $56.02; O/P) reported Q4 non-GAAP EPS of $0.71, which was comfortably ahead of our $0.65 and the Street’s $0.64 on sales of $704mm (vs. our $695mm and the Street’s $696mm). Recall, BHE’s…

We are raising our F2026/F2027E (Jun) EPS for Fabrinet (FN; $499.61; O/P) from $13.00/$15.00 to $13.55/$15.60, after the company produced a solid “beat and raise” despite ongoing currency headwinds that were not fully reflected in…

We are adjusting our 2026E EPS for Aptiv (APTV; $77.98; O/P) from $8.55 to $8.50, after Q4 EPS, which was +7% YoY, lived up to Street expectations ($1.86 vs. consensus of $1.85 and our $1.77),…

Fabrinet (FN; $49.07; O/P) reported FQ2 (Dec) non-GAAP EPS of $3.36, which was comfortably ahead of our $3.23 and the Street’s $3.25 on sales of $1,133mm that beat our $1,075mm and the Street’s $1,077mm). As…

We reiterate our Outperform on the shares of Seagate (STX; $407.69) after hosting a virtual investor meeting on Friday (1/30) for CFO Gianluca Romano and Shanye Hudson, SVP, IR and Treasury, to further follow up…

Aptiv (APTV; $75.75; O/P) reported adjusted Q4 EPS of $1.86, which was ahead of our $1.77 and compared to the Street’s $1.85 on sales of $5,153mm (vs. our $5,055mm and the Street’s $5,105mm). Recall, the…

We are raising our F2026E and F2027E (Jun) EPS for Western Digital (WDC; $250.23; O/P) from $7.45/$8.45 to $8.70/$11.10 after the company produced a robust FQ2 (Dec) “beat and raise” on Thursday night that reflected…

We are raising our F2026/F2027E (Jun) EPS for Sandisk (SNDK; $576.25; O/P) from $12.10/$20.60 to “a hard to fathom round numbers” of $40.00 and $100.00 after the company produced FQ2 (Dec) results and offered up…

We are bumping up our F2026/F2027E (Mar) EBITDA for Nextpower (NXT; $121.08; E/W) from $800mm/$900mm to $820mm/$913mm after the company produced some healthy FQ3 (Dec) profit upside, reflecting some “pulled in” project timing for a…