Company Notes


April 24, 2024

APH: Healthy Q1 Beat with Some AI Momentum to Boot

By Steven Fox

We are raising our 2024/2025E EPS for Amphenol (APH; $116.31; E/W) from $3.25/$3.55 to $3.40/$3.70 after the company delivered a fourth consecutive “beat and meet” quarter, albeit with enhanced investor enthusiasm around its opportunities within…

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April 24, 2024

TEL: Currencies and Taxes Hide Generally Improving Trends

By Steven Fox

We adjust our F2024/F2025E (Sept) EPS for TE Connectivity (TEL; $140.00; O/P) from $7.55/$8.20 to $7.45/$8.15 after its slight FQ2 (Mar) EPS beat ($1.86 vs. our consensus matching $1.83), which included $0.02 of headwinds from…

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April 24, 2024

PLXS: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

Plexus (PLXS; $95.67; E/W) reported FQ2 (Mar) non-GAAP EPS of $0.94, which beat our $0.86 and the Street’s $0.87 on sales of $967mm (vs. our $950mm and the Street’s $951mm). Recall, PLXS’ FQ2 guidance called…

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April 24, 2024

APH: First Look at Q1 Results and Outlook

By Steven Fox

Amphenol (APH; $114.26; E/W) reported Q1 non-GAAP EPS of $0.80, which beat our consensus matching $0.73 led by healthy sales upside ($3,256mm vs. our $3,088mm and the Street’s $3,103mm). As per the table below, operating…

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April 24, 2024

STX: Sticking to Supply Plan as HDD Demand Improves Some More

By Steven Fox

We raise our F2024/F2025E (Jun) EPS for Seagate (STX; $86.53; E/W) from $0.75/$4.35 to $0.93/$5.40 after FQ3 (Mar) results and guidance generally lived up to expectations across key metrics, albeit with “puts and takes”. STX…

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April 24, 2024

TEL: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

TE Connectivity (TEL; $143.23; O/P) reported FQ2 (Mar) non-GAAP EPS of $1.86, which was ahead of our consensus matching $1.83 led by some slightly better than expected sales ($3,967mm vs. our $3,950mm and consensus of…

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April 23, 2024

STX: First Look at FQ3 (Mar) Results and Outlook

By Steven Fox

Seagate (STX; $86.49; E/W) reported FQ3 (Mar) non-GAAP EPS of $0.33, which was ahead of our $0.30 estimate and the Street’s $0.29 despite moderately lower than expected sales ($1,655mm vs. our $1,662mm and the Street’s…

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April 23, 2024

CART: Amazon Raises Competitive Bar

By Steven Fox

The shares of Maplebear, doing business as Instacart (CART; $33.59; E/W), are down 7% today and have now retreated 14% from recent highs (vs. +43% YTD) on news that Amazon (AMZN; $179.62; NR) is offering…

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April 23, 2024

HYZN: More Optionality Evidence

By Steven Fox

Last week, we attended Data Center World in Washington DC (“More Powerful Takeaways from Data Center World”; 4/22), which added to other recent news flow that continues to support the idea that hydrogen fuel cell…

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April 22, 2024

APTV: Wondering What We Don’t Know

By Steven Fox

The shares of Aptiv (APTV; $69.75; O/P) are now down 22% YTD (vs. +4% for the S&P 500) as investor concerns with 2024E EPS guidance of $5.55-6.05 (+14-24% YoY) continue to mount to levels that…

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April 22, 2024

MBLY: Looking for More Signs of Recovery

By Steven Fox

We expect Mobileye Global’s (MBLY; $30.23; O/P) Q1 results and outlook, scheduled for Thursday (4/25 before market), to clear another hurdle required for a further recovery in the stock as we mapped out in our…

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April 19, 2024

JBL: CEO Placed on Paid Leave

By Steven Fox

Last night, Jabil (JBL; $129.59) announced in an 8-K filing that CEO Kenny Wilson was placed on paid leave pending completion of “an investigation related to corporate policies”. Effective as of today (4/19), the company’s…

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April 18, 2024

BHE: Favorable Risk/Reward into Earnings

By Steven Fox

The risk/reward on the shares of Benchmark Electronics’ (BHE; $30.04; O/P) still looks attractive to us ahead of the company’s Q1 results and Q2E outlook in coming weeks, especially with the stock trading at only…

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April 18, 2024

AMKR: Do H1 Results Matter Much for the Stock?

By Steven Fox

We continue to wonder if Amkor Technology’s (AMKR; $30.10; E/W) Q1 results and Q2E outlook, scheduled for April 29th (after market), are limited more than originally expected by a generally high exposure to still challenging…

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April 17, 2024

SANM: Still Oversold Ahead of Earnings

By Steven Fox

Sanmina shares (SANM; $58.35; O/P) are -16% from 52-week highs and -10% since we launched coverage (“Still Attractively Priced EMS Play; Initiate with Outperform”; 3/5). We think this is likely on concerns that sales from…

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