Company Notes

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…

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…