Company Notes

We reduce our F2026E (Apr) EPS for NetApp (NTAP; $99.21; E/W) from $8.00 to $7.75 after the company produced FQ4 (Apr) results that were a bit better than our and Street thinking, albeit with somewhat…

We reiterate our Outperform and $140 target on the shares of Dell Technologies (DELL; $113.63; O/P) as we bump up our F2026/F2027E (Jan) non-GAAP EPS from $9.35/$10.55 to $9.40/$10.75 despite FQ1 (Apr) results and guidance…

This morning, Uber Technologies (UBER; $88.80; E/W) announced it acquired Dantaxi, Denmark’s largest taxi operator, from private equity firm Triton under undisclosed terms. We think this announcement is especially important given Uber’s small market share…

This morning, Mobileye Global (MBLY; $16.95; E/W) announced its first imaging radar program win with an undisclosed “global” auto OEM, which is expected to be integrated into an “eyes off, hands off” autonomous driving system…

This morning, Maplebear, d/b/a Instacart (CART; $47.23; E/W) announced the promotion of Chris Rogers, from Chief Business Officer (CBO) to CEO, effective August 15th, which fits with prior indications that the surprising need to name…

Yesterday, Nextracker (NXT; $55.88; E/W) announced it has now deployed more than 10GW of solar tracker projects in India, which is becoming a significant market even when compared to the company’s total tracker shipments of…

Our review of Corning’s (GLW; $49.49; O/P) recently filed 10-Q, along with positive news flow and data points out of the optical supply chain from the last few weeks provide further support for our Outperform…

Last Friday (5/23), Bloomberg reported that CommScope (COMM; $6.08; E/W) is considering the sale of its Connectivity and Cable Solutions business or CCS, which we think represents 65% of the company’s 2025E sales and 75%…

We reiterate our Outperform while raising our F2026E (Jun) EPS from $9.25 to $9.80, and our target from $130 to $140 on the shares of Seagate (STX; $108.86) after attending its Analyst and Investor Event…

We assume the shares of Dell Technologies (DELL; $111.95; O/P) still offer a favorable risk/reward into its FQ1 (Apr) results next Thursday (5/29 after market), even after its 49% rally since April 7th, since we…

We remain comfortable with our estimates for NetApp (NTAP; $101.50; E/W) ahead of its FQ4 (Apr) results and outlook, scheduled for Thursday, May 29th (after market). We think recent enterprise storage spending trends have been…

Yesterday (5/20), we listened in on a second day of keynotes out of Dell Technologies World led by Dell’s (DELL; $114.23; O/P) Chief Operating Officer Jeff Clarke, plus Arthur Lewis, President, Infrastructure Solutions Group, and…

Earlier this week, Western Digital (WDC; $51.47; O/P) announced, as part of its attendance at the COMPUTEX trade show in Taiwan, a new set of product innovations aimed at “retooling” its Platforms business. Recall, WDC…

This morning, Sanmina (SANM; $81.37; O/P) announced it signed a definitive agreement to acquire ZT Systems’ data center infrastructure manufacturing business from Advanced Micro Devices (AMD; $114.74; NR) for up to $3B of total considerations…

Earlier today, we listened in on the Dell Technologies World keynote from Dell’s (DELL; $114.28; O/P) CEO Michael Dell in Las Vegas where the company highlighted a range of new and existing product innovations, discussed…