Company Notes

We reiterate our Outperform and $450 target on the shares of Jabil (JBL; $374.64) after hosting investor meetings for management in New York earlier this week. Attending from Jabil were CEO Mike Dastoor, CFO Greg…

We are raising our F2026/2027E (Aug) EPS from $61.00/$111.00 to $73.10/$147.00 on Micron (MU; $1,213.56; O/P) after it produced another “jaw dropping beat and raise” with its FQ3 (May) print. Importantly, upside was again driven…

We are yet again raising our F2026/F2027E (Aug) EPS for Micron (MU; $1,133.99; O/P), this time from $58/$102 to $61/$111, ahead of the company’s FQ3 (May) results, which are scheduled for Wednesday (after market). We…

We are reducing our rating on the shares of Seagate (STX; $1,070.23) from Outperform to Equal Weight on our concerns that expectations around hard disk drive (HDD) pricing may be getting ahead of likely outcomes….

We are reducing our rating on the shares of WD Corporation (WDC; $746.23) from Outperform to Equal Weight on our concerns that expectations around hard disk drive (HDD) pricing may be getting ahead of likely…

Yesterday (6/17), Uber Technologies (UBER; $72.06; O/P) announced that a couple of its robotaxi partnerships now have plans to expand into additional cities. We found the timing of this news to be interesting since it…

Last night, TTM Technologies (TTMI; $202.70; O/P) announced two acquisitions, which we think prove relatively small in terms of initial financial impact but important from a longer-term strategic perspective. Specifically, the company announced plans to…

We are raising our price target from $400 to $450 on the shares of Jabil (JBL; $374.98; O/P) after the company produced a comprehensive FQ3 (May) “beat and raise” that firmly supports the idea that…

This morning, Mobileye (MBLY; $9.62; E/W) announced another major departure from longer term strategic direction, in our view, when management announced it was expanding its Mobileye Drive self-driving system (SDS) product into a vertically integrated…

This morning, Jabil (JBL; $388.56; O/P) announced plans to form a strategic alliance with Adani Group, a major infrastructure conglomerate in India (e.g., renewable energy, public transport, logistics, defense), which is aimed at manufacturing “multi-Gigawatts…

We expect upcoming FQ3 (May) results from Jabil (JBL; $352.26; O/P), scheduled for next Wednesday (6/17 before market), to support the idea that the company is a good place for tech investors to ride through…

We are raising our target from $70 to $85 on the shares of Aptiv (APTV; $72.92 O/P) given we continue to see its multiple as attractive, especially after value creating spin of Versigent (VGNT; $50.24;…

We are raising our target on the shares of Flex (FLEX; $159.43; O/P) from $160 to $200 to reflect how investors likely consider valuation in coming quarters on a sum-of-the-parts (SOTP) due to recently announced…

We think recent news from Uber Technologies (UBER; $72.23; O/P) provides further support for our recent upgrade of the stock, which envisions the shares breaking out from its current 14-month trading range of relative underperformance…

We raise our F2027/2028E EPS from $13.00/$14.30 to $18.00/$19.80 on Dell Technologies (DELL; $420.91; E/W) after the company produced a remarkable set of FQ1 (Apr) results and guidance on Thursday night (5/28). We see this…