Company Notes

Recent news flow out of Corning (GLW; $44.67; O/P) provides further support for the idea that the company is well positioned to continue to re-purpose its glass manufacturing assets towards the production of newer and…

We are reducing our rating on the shares of Aptiv (APTV; $72.01) from Outperform to Equal-Weight and cutting 2024/2025E EPS from $6.35/$7.70 to $6.10/$7.00 (vs. consensus of $6.24/$7.80) over our concerns that rising tariffs, particularly…

We reiterate our Outperform on the shares of TE Connectivity (TEL; $149.58) after hosting a virtual investor meeting on Wednesday (9/25) with CEO Terrence Curtin, CFO Heath Mitts, and Aaron Stucki, President, Communications Solutions. Most…

We reiterate our Outperform on the shares of Jabil (JBL; $126.65) after it provided a solid F2025E (Aug) outlook on the back of beating FQ4 (Aug) expectations, where the common threads were further free cash…

Jabil (JBL; $113.43; O/P) reported FQ4 (Aug) “core” non-GAAP EPS of $2.30, which was ahead of our $2.23 and the Street’s $2.22 on better-than-expected sales ($6,964mm vs. our $6,631mm and the Street’s $6,586mm). As illustrated…

We raise F2025E (Aug) EPS for Micron (MU; $95.77; O/P) from $8.00 to $8.40 after the company produced solid FQ4 (Aug) EPS upside ($1.18 vs. our $1.12 and the Street’s $1.11) combined with an FQ1E…

This morning (9/25), Dell Technologies (DELL; $119.69; O/P) introduced Dell AI for Telecom, which is a program focused on simplifying and accelerating artificial intelligence (AI) deployments for communications service providers. We think this announcement provides…

This morning, Uber Technologies (UBER; $77.44; O/P) added yet another in a recent series of technology partnerships that seem aimed at accelerating a path to commercializing the deployment of autonomous vehicles (AVs) on its network,…

This morning, NetApp (NTAP; $122.64; E/W) posted a series of new product and partnership announcements that followed up nicely on yesterday’s CEO keynote from its Insight user conference and were consistent with prior “hints”. Importantly,…

Yesterday, we attended NetApp’s (NTAP; $122.92; E/W) Insight user conference in Las Vegas where we joined the company’s Financial Analysts Session before listening in on a keynote from CEO George Kurian, who was joined on…

On Friday (9/20), ChargePoint (CHPT; $1.37; E/W) disclosed it received $19mm+ in awards, through its partners, to deploy 248 direct current fast charging (DCFC) ports at 45 sites along certain highways in California. These awards…

We think recent news out of Maplebear, doing business as Instacart (CART; $42.14; E/W), provides further support for longer term operating leverage available to the company from its advertising offering ($910mm of LTM sales or…

We think the shares of Micron (MU; $89.40; O/P) will prove oversold when the company reports FQ4 (Aug) results and outlook on Wednesday (9/25 after market). Admittedly, Micron is now seeing inventory builds in the…

We reiterate our Outperform on the shares of Corning (GLW; $44.43) after visiting its largest optical fiber manufacturing facility yesterday (9/19) in Concord, NC. During our visit we heard presentations from and had offline discussions…

We assume Street forecasts are set appropriately for Jabil (JBL; $107.85; O/P) ahead of the company’s FQ4 (Aug) results and outlook next Thursday (9/26 before market), which will include a Seventh Annual Investor Briefing and…