Company Notes

We expect another quarter of healthy top-line growth from Vertiv Holdings (VRT; $177.40; E/W) when it reports Q3 results and outlook next Wednesday (10/22 before market) based on some recent data center spending data points…

Earlier this week, we attended the Open Compute Project (OCP) Global Summit in San Jose, CA where we sat in on a presentation from Jabil’s (JBL; $208.40; O/P) Chief Sales Officer for its Intelligent Infrastructure…

We expect Benchmark Electronics (BHE; $40.38; O/P) to produce Q3 results and Q4 guidance in coming weeks that supports prior targets for a return of YoY sales growth for H2 of 2025E. This in turn…

We think the general demand backdrop across Plexus’ (PLXS; $150.25; E/W) core markets should enable the company to produce FQ4 (Sept) results and guidance, scheduled for next Wednesday (10/22 after market), that at least live…

We reiterate our Outperform and bump up our target from $65 to $70 on the shares of Flex (FLEX; $63.60; O/P) after hosting an investor meeting yesterday (10/15) at the Open Compute Project (OCP) Global…

On Wednesday (10/15), Lyft (LYFT; $20.00; O/P) announced it has acquired TBR Global Chauffeuring for £83 million, or ~$110 million, in cash plus a future earnout, which focuses the company much more directly in the…

On Tuesday (10/14), we attended NetApp’s (NTAP; $122.72; E/W) annual user conference, INSIGHT, in Las Vegas where we sat in on keynote presentations and joined the investor tech sessions afterwards. As usual, new product advancements…

This morning, Broadcom (AVGO; $355.71; NR) announced a multi-year partnership with OpenAI that we think bodes well for the growth and margin prospects of Celestica (CLS; $261.10; O/P) into 2026E and 2027E. As has been…

Earlier today, Lyft (LYFT; $20.45; O/P) announced a strategic partnership with Tensor that builds on what we think can be its differentiated approach to leveraging autonomous rideshare on the company’s network. The general aim of…

Earlier this week (10/6), Lyft (LYFT; $21.28; O/P) highlighted in a blog post some more innovation aimed at expanding the capabilities of its Lyft Ads business. Recall, Lyft targets its high margin advertising revenues to…

Yesterday (10/7), Maplebear, d/b/a Instacart (CART; $38.88; O/P) announced an interesting new integration with TikTok that enables certain consumer package good (CPG) brands access to CART’s first-party retail media data in order to improve ads…

Yesterday, Dell Technologies (DELL; $150.87; E/W) rolled out an updated long-term financial framework for F2026-F2030E (Jan) at its Securities Analyst Meeting in New York, as per presentations from CEO Michael Dell, interim CFO David Kennedy,…

Last night, Amkor Technology (AMKR; $30.57; E/W) announced that it plans to invest an additional $5B+ in coming years to build out a new semiconductor advanced packaging and test campus in Peoria, AZ, which brings…

This morning, Maplebear d/b/a Instacart (CART; $38.13; O/P) announced a partnership with United Airlines (UAL; $96.75; NR) aimed at offering United MileagePlus members with a range of benefits when they order from CART’s platform. We…

We reiterate our Outperform on the shares of Sanmina (SANM; $142.06) and raise our target from $140 to $170 after Advanced Micro Devices (AMD; $212.68; NR) announced a multi-year, multi-generation strategic agreement with OpenAI whereby…