Company Notes

We are reducing our rating on the shares of Uber Technologies (UBER; $73.06) from Outperform to Equal-Weight given our concerns that increased macro uncertainty, which we assume is an outgrowth of still to be finalized…

We expect FQ2 (Feb) results and guidance from Jabil (JBL; $133.35; O/P), scheduled for March 20th (before market), to at least support our full F2025E (Aug) and F2026E (Aug) EPS of $8.75 and $9.75 (vs….

We reduce F2025E (Aug) EPS for Micron (MU; $87.08; O/P) from $6.75 to $6.25 ahead of its upcoming FQ2 (Feb) results and outlook on March 20th (after market). This is to account for recent investor…

This morning, Corning (GLW; $45.68; O/P) announced an agreement with Suniva, a North America based manufacturer of monocrystalline solar cells, and Heliene, a producer of solar photovoltaic (PV) modules, to supply the U.S. market with…

This morning, Uber Technologies (UBER; $77.05; O/P) announced a new on-demand grocery delivery partnership with FreshDirect, an online fresh food grocer that delivers perishable foods to parts of Connecticut, New Jersey and New York. Keep…

This morning, Jabil (JBL; $141.53; O/P) announced plans to open a new manufacturing facility in Gujarat, India after signing a Memorandum of Understanding (MoU) with the Gujarat State Government of India in November. Importantly, this…

We think Nokia’s (NOK; $4.88; NR) $2.3B acquisition of Infinera, completed last Friday (2/28), potentially opens another new outsourcing opportunity for Fabrinet (FN; $190.35; O/P) in coming quarters, which would add further to the diversification…

This morning, Uber Technologies (UBER; $72.86; O/P) announced that the company’s rideshare network in Austin, TX is now offering its riders the option to now be matched with an autonomous vehicle (AV) from Alphabet’s (GOOGL;…

We think the recent plunge in the shares of Celestica (CLS; $92.80; O/P) is creating an excellent buying opportunity for investors willing to look out between now and the end of the year. The stock…

We bump up F2026E (Jan) non-GAAP EPS for Dell Technologies (DELL; $107.83; O/P) from $9.25 to $9.35 (+15% YoY vs. +11% in its just completed F2025) after FQ4 results and guidance lived up to expectations…

We adjust F2025/F2026E (Apr) EPS for NetApp (NTAP; $118.22; E/W) from $7.35/$8.05 to $7.23/$8.00, which equates to a still healthy average annual EPS growth of 11% across the two fiscal years. This is after NTAP…

NetApp (NTAP; $118.22; E/W) reported FQ3 (Jan) non-GAAP EPS of $1.91, which compared to our $1.92 and the Street’s $1.91 on somewhat lower than expected sales ($1,641mm vs. our $1,700mm and the Street’s $1,694mm). As…

We are raising our 2025E EBITDA for CommScope (COMM; $6.17; E/W) from $825mm 18.5% of sales) to $1,025mm (20.4% of sales) after the company produced a healthy Q4 beat with better-than-expected guidance for the New…

CommScope (COMM; $4.89; E/W) reported Q4 non-GAAP EPS of $0.18, which was well ahead of our $0.03 and the Street’s $0.02, albeit including $0.06 per share of favorable non-operating items that were not in our…

We initiate coverage of the shares of Sandisk (SNDK; $48.16) with an Equal-Weight post its separation from Western Digital (WDC; $49.07; O/P) on Monday (2/24) to once again be a publicly traded company; although WDC…