Company Notes

Yesterday (12/11), we hosted a virtual investor meeting for Belden’s (BDC; $124.89; E/W) CFO Jeremy Parks and VP of IR, Aaron Reddington, which highlighted ongoing progress towards increasing the company’s mix of higher margin full…

We raise our F2026/F2027E (Aug) EPS for Micron (MU; $263.71; O/P) from $16.50/$18.00 to $17.75/$21.50 ahead of its FQ1 (Nov) print, scheduled for next Wednesday (12/17 after market), predominantly to reflect its much more favorable…

We reiterate our Outperform on the shares of Jabil (JBL; $229.97) ahead of the company’s FQ1 (Nov) print and outlook, scheduled for next Wednesday (12/17 before market). We believe management set the bar reasonably for…

We reiterate our Outperform and raise our target from $560 to $600 on the shares of Fabrinet (FN; $514.25; O/P) after hosting investor meetings for the company’s CEO Seamus Grady and Garo Toomajanian, VP, IR…

Earlier this week, Lyft (LYFT; $22.43; O/P) highlighted in a blog post how it is continuing to enhance customer support through its previously announced partnership with Amazon Web Services (AWS) and Anthropic, a developer of…

We are adjusting our 2026E adjusted EBITDA for DoorDash (DASH; $198.37; E/W) from $3.325B (2.6% of GOV) to $3.425B (2.6% of GOV vs. 2.7% in 2025E and 2.4% in 2024) to better consider the recent…

We are bumping up our F2026/F2027E (Apr) for NetApp (NTAP; $111.48; E/W) from $7.75/$8.50 to $7.90/$8.65, which now assumes average EPS growth of 9% YoY, after the company produced a solid FQ2 (Oct) “beat and…

We raise our F2026/F2027E (Jan) EPS for Dell Technologies (DELL; $125.92; E/W) from $9.50/$11.00 to $10.00/$11.70 after it produced a healthy FQ3 (Oct) “beat and raise” that was again led by robust AI server demand…

We reiterate our Outperform rating and $290 price target on the shares of TE Connectivity (TEL; $213.78) after attending the company’s Investor Day yesterday (11/20) in Philadelphia where we heard presentations from a range of…

Yesterday (11/18), we attended the SC25 conference in St. Louis, MO where we toured Vertiv Holdings’ (VRT; $164.86; E/W) trade show booth that included some remarks from CEO Giordano Albertazzi. We also sat in on…

Yesterday (11/18), we attended Aptiv’s (APTV; $75.77; E/W) Investor Day in New York where we heard presentations from and chatted with key leaders across the company including from a soon to be separated Electrical Distribution…

We are generally comfortable with our estimates for NetApp (NTAP; $108.42; E/W) ahead of its FQ2 (Oct) results and outlook, scheduled for next Tuesday (11/25 after market). We think recent enterprise storage spending trends have…

We expect Dell Technologies (DELL; $127.55; E/W) to produce some solid top line upside with its FQ3 (Oct) results and outlook, scheduled for next Tuesday (11/25 after market). However, we think the Street will be…

We reiterate our Outperform and raise our target from $28 to $30 on the shares of Lyft (LYFT; $23.14) after hosting an investor meeting last Wednesday (11/12), with Erin Rheaume, Senior Director of IR, at…

Earlier this week, Jabil (JBL; $201.25; O/P) announced it is expanding on its strategic partnership with Inno, which is a metal parts manufacturer, to manufacture battery energy storage system (BESS) enclosures from a new facility…