Company Notes

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…

Corning (GLW; $42,68; E/W) reported Q2 “core” EPS of $0.47, which was in line with our recently raised $0.47 and slightly ahead of the Street’s $0.46 on core sales of $3,604mm (vs. our $3,600mm and…

We adjust our 2024/2025E EPS for Amkor Technology (AMKR; $37.60; E/W) from $1.75/$2.25 to $1.55/$2.25 after Q2 operating profits came in as we anticipated, albeit with Q3E guidance that is somewhat below our thinking. Importantly,…

We think Street estimates for Maplebear, doing business as Instacart (CART; $34.25; E/W) and scheduled to report Q2 results next Thursday, (8/8 after market) are basically set appropriately. We peg Q2E Gross Transaction Value (GTV)…

The shares of Lyft (LYFT; $12.19; O/P) are now down 40% since recent highs in late-March, including -22% since the company’s Investor Day on June 6th, to only 7.9X our 2025E EV/EBITDA. This is despite…

We expect support for our Outperform rating on the shares of Uber Technologies (UBER; $64.84; O/P) with its Q2 results next Tuesday (8/6 before market). Specifically, we expect our robust top line growth forecasts and…

We assume DoorDash (DASH; $106.31; E/W) still aims to be within its Q2 guidance range when it reports on Thursday (8/1 after market) and that investor expectations are set appropriately for these goals. Recall, management…

This morning, CommScope (COMM; $2.20; NR) positively pre-announced Q2 sales and non-GAAP EBITDA. Specifically, the company disclosed preliminary Q2E sales and EBITDA of $1.39B (+19% QoQ) and $302mm (21.7% of sales), which is significantly ahead…

This morning, Amkor Technology (AMKR; $38.18; E/W) announced a long-awaited signing of a non-binding preliminary memorandum of terms with the U.S. Department of Commerce to receive up to $600mm in funding through the U.S. CHIPS…

We believe the 19% decline in the shares of Celestica (CLS; $51.07; O/P), which has occurred over just the past seven trading days, represents a major buying opportunity in the stock, especially given its 4%…

We raise our F2024/F2025E (Sep) EPS for Plexus (PLXS; $129.59; E/W) from $5.10/$6.20 to $5.45/$6.50 after the company produced a healthy FQ3 (Jun) beat and FQ4E (Sep) guidance that exceeded our prior thinking. Specifically, FQ3…

We adjust our 2024/2025E EPS for Amphenol (APH; $62.88; E/W) from $1.75/$1.97 to $1.77/$1.97 after the company produced its latest in a series of “beat and meet” quarters, albeit with less upside than we have…

We reiterate our Outperform, raise our target from $180 to $190, as we bump up our F2024/F2025E (Sep) EPS for TE Connectivity (TEL; $156.85) from $7.45/$8.15 to $7.55/$8.20 after its healthy FQ3 (Jun) beat and…

We raise our F2025E (Mar) EPS for Flex (FLEX; $31.76; O/P) from $2.35 to $2.45 after the company handily beat FQ1 (Jun) expectations, delivering EPS of $0.51, which was well ahead of our consensus-matching $0.41,…