Company Notes

We bump up our 2024E EPS for Aptiv (APTV; $73.13; O/P) from $6.25 to $6.35 (+31% YoY) and our 2025E EPS from $7.50 to $7.70 (+21%) after Q2 results beat the Street and the company…

We basically maintain our 2024/2025E EPS for Belden (BDC; $100.52; E/W) at $5.95/$7.00 after its solid Q2, albeit with Q3E guidance that was below our and Street forecasts excluding the just completed acquisition of Precision…

DoorDash (DASH; $108.20; E/W) reported Q2 gross order value (GOV) of $19.7B (+20% YoY), which was ahead of our $19.25B and the Street’s $19.33B, leading to sales of $2,630mm (+5% QoQ and +23% YoY) that…

Nextracker (NXT; $46.83; O/P) reported FQ1 (Jun) adjusted EPS of $0.93, which was handily ahead of our $0.60 and the Street’s $0.64 on much better-than-expected sales of $720mm (+50% YoY), which compared to our $613mm…

We reduce our rating on the shares of Mobileye Global (MBLY; $15.98) from Outperform to Equal-Weight after we badly underestimated near-term risks tied to the Chinese auto market, especially as it relates to multi-national OEMs,…

We bump up our F2025E (Jun) EPS for Western Digital (WDC; $67.05; O/P) from $8.50 to $8.70, including an annualized FQ4 rate of $10.25+, as we also initiate F2026E EPS at $11.50 (+32% YoY), vs….

Aptiv (APTV; $69.39; O/P) reported adjusted Q2 EPS of $1.58, which was ahead of our $1.45 and the Street’s $1.42 despite lower-than-expected sales of $5,051mm (vs. our $5,325mm and the Street’s $5,305mm). As per the…

Mobileye Global (MBLY; $21.00; O/P) reported Q2 adjusted EPS of $0.09, which was ahead of our $0.07 and the Street’s $0.08 on sales of $439mm (-3% YoY and +84% QoQ) vs. our $420mm and the…

Western Digital (WDC; $67.05; O/P) reported FQ4 (Jun) non-GAAP EPS of $1.44 ex-“one time” net charges of $0.56 per share, which was well ahead of our $1.15 and the Street’s $1.18. Recall, WDC’s FQ4 guidance…

We lower our 2024/2025E EPS for Sensata (ST; $38.12; E/W) from $3.75/$4.17 to $3.55/$3.80 after Q2 results that were in line with expectations and Q3E guidance was below our and Street forecasts, albeit with a…

Earlier today, Bloomberg reported that the New York City Mayor’s Office reached an agreement with Lyft (LYFT; $12.14; O/P) and Uber Technologies (UBER; $64.75; O/P) that stated that the New York Taxi and Limousine Commission…

We adjust our 2024/2025E EPS for Benchmark Electronics (BHE; $40.69; E/W) from $2.20/$2.50 to $2.25/$2.50 after the company produced a solid Q2 beat and provided Q3E guidance that lived up to our expectations, albeit with…

The shares of Corning (GLW; $39.74; O/P) traded down 7% today after this morning’s Q2 print and are now down 14% in just the past two weeks as its early-July positive pre-announcement “lost some of…

Benchmark Electronics (BHE; $40.69; E/W) reported Q2 non-GAAP EPS of $0.57, which beat our $0.52 and the Street’s $0.51 on sales upside ($666mm vs. our $638mm and consensus of $636mm). Recall, BHE’s Q2 guidance called…

We adjust F2024/2025E (Sept) EPS from $5.25/$6.20 to $5.23/$6.05 for Sanmina (SANM; $69.24; O/P) after FQ3 (Jun) non-GAAP EPS came in shy of expectations ($1.25 vs. our $1.26 and the Street’s $1.28) on some lower-than-expected…