Company Notes

We are again bumping up our 2024/2025E EPS for Amphenol (APH; $68.47; E/W) from $1.77/$1.97 to $1.84/$2.07, mainly for a healthy Q3 EPS beat ($0.50 vs. our consensus matching $0.45), which was led again by…

Plexus (PLXS; $135.57; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.85, which was well ahead of our $1.58 and the Street’s $1.55, albeit including $0.12 per share of more favorable non-operating items than was considered…

Celestica (CLS; $57.47; O/P) reported Q3 non-IFRS EPS of $1.04, which beat our $0.91 and the Street’s $0.93 on sales of $2,500mm (vs. our $2,400mm and the Street’s $2,414mm). Recall, CLS’ Q3 outlook called for…

We raise our rating on the shares of Seagate (STX; $104.55) from Equal-Weight to Outperform after the company provided its most convincing evidence to date for the idea that it can continue to benefit from…

Amphenol (APH; $66.85; E/W) reported Q3 non-GAAP EPS of $0.50, which beat our consensus matching $0.45 led by better than expected sales ($4,039mm vs. our $3,800mm and the Street’s $3,807mm). As per the table below,…

Seagate (STX; $112.64; E/W) reported FQ1 (Sep) non-GAAP EPS of 1.58, which compared to our $1.60 and the Street’s relatively stale $1.48 since management noted in early-September that EPS would likely be at the high…

We think Uber Technologies (UBER; $80.41; O/P) Q3 results and guidance next Thursday (10/31 before market) can at least live up to Street expectations, even after considering some potential transitory effects on results from recent…

We think Lyft’s (LYFT; $13.86; O/P) Q3 results and outlook, scheduled for November 6th (after market), can lead to a “next leg” in the stock’s recent recovery that started in mid-August (+53% vs. a prior…

This morning, Hyzon Motors (HYZN; $2.47) announced it entered into a purchase agreement to supply GreenWaste, a waste management services provider based in California, with 12 of its hydrogen-powered refuse fuel cell electric vehicles (FCEVs)…

This morning, the U.S. Department of Commerce announced that it signed a non-binding preliminary memorandum of terms with Corning’s (GLW; $47.08; O/P) Hemlock Semiconductor business (9% of 2024E sales) to provide up to $325mm in…

We have badly missed a recent breakout in the shares of Plexus (PLXS; $136.69; E/W) since its most recent bottom in mid-June (e.g., +34% since 6/11 vs. +21% over the prior two years), which especially…

The shares of Corning (GLW; $46.62; O/P) have rebounded 23% since early-August, exceeding prior highs of May 2021 to levels last seen in 2000, which of course “raises the bar” for the stock into its…

We reiterate our Outperform on the shares of TE Connectivity (TEL; $148.97; O/P) ahead of its FQ4 (Sept) results and outlook, scheduled for October 30th (before market). We note the stock is still only at…

We think Amphenol (APH; $67.46; E/W) delivers another in a recent series of “beat and meets” with its Q3 results and Q4E guide on Wednesday (10/23 before market). We model Q3E sales, operating margins, and…

We think Benchmark Electronics (BHE; $44.99; E/W) produces Q3 results and guidance on October 30th (after market) that provide solid support for current valuation with upside potential mainly tied to recent bookings and updated production…