Company Notes

DoorDash (DASH; $127.46; E/W) reported Q1 gross order value (GOV) of $19.2B (+21% YoY), which beat our $18.75B and the Street’s $18.84B, leading to sales of $2,513mm (+9% QoQ and +23% YoY) that compared to…

We adjust 2024/2025E EPS for Corning (GLW; $33.35; E/W) from $1.95/$2.30 to $2.00/$2.30 after some Q1 EPS upside with Q2E guidance that encompassed our and Street’s bottom-line thinking. Q1 revenue and Q2E sales targets were…

Corning (GLW; $31.78; E/W) reported Q1 “core” EPS of $0.38, which was ahead of our consensus matching $0.35 on core sales upside ($3,258mm vs. our $3,100mm and the Street’s $3,118mm). Recall, GLW targeted Q1 sales…

We modify our 2024/2025E EPS for Sanmina (SANM; $64.00; O/P) from $5.40/$6.30 to $5.25/$6.20 after some moderately disappointing FQ2 (Mar) results and FQ3E (Jun) guidance, albeit with healthy margin performance and encouraging “green shoots” suggesting…

We bump up our 2024/2025E EPS for Amkor Technology (AMKR; $31.47; E/W) from $1.60/$2.20 to $1.75/$2.25 after some better Q1 results and Q2E guidance. AMKR also still looks for a robust H2 recovery in sales,…

Sanmina (SANM; $64.00; O/P) reported FQ2 (Mar) non-GAAP EPS of $1.30, which was ahead of our consensus matching $1.25 albeit on somewhat lower than expected sales ($1,835mm vs. our $1,875mm and the Street’s $1,883mm). Recall,…

Amkor Technology (AMKR; $31.47; E/W) reported Q1 EPS of $0.24, which handily beat our $0.10 and the Street’s $0.11 on basically as expected sales ($1,366mm vs. our $1,363mm and the Street’s $1,357mm). Recall, AMKR’s Q1…

The shares of Uber Technologies (UBER; $69.05; O/P) are down 15% since a bullish reaction to its mid-February Investor Update (“Raise Target to $100 After Investor Update”; 2/14), which we think offers a buying opportunity…

We see Flex’s (FLEX; $28.97; O/P) FQ4 (Mar) print on Wednesday (5/1 before market) more than living up to Street expectations, which we think in combination with an updated F2025E (Mar) EPS bar, proves a…

We adjust our F2024/F2025E (Sept) EPS for Plexus (PLXS; $99.09; E/W) from $5.09/$6.85 to $5.10/$6.20 on an apples-to-apples basis excluding stock-based compensation (SBC) under the company’s new non-GAAP presentation. For reference, we assumed SBC of…

We raise our F2024/F2025E (Jun) EPS for Western Digital (WDC; $69.44; O/P) from ($1.40)/$7.25 to ($0.67)/$8.50 after FQ3 (Mar) results and guidance handily beat Street expectations on better hard disk drive shipments (HDD; 51% of…

We bump up our 2024/2025E EPS for Mobileye Global (MBLY; $31.25; O/P) from $0.37/$0.75 to $0.40/$0.80 after somewhat better than expected Q1 results within the context of the company reiterating its full 2024E sales and…

Mobileye Global (MBLY; $31.12; O/P) reported Q1 adjusted EPS losses of ($0.07), which was in line with our ($0.07) and compared to the Street’s ($0.06) on sales of $239mm that beat our $225mm and the…

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…

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…