Company Notes

We initiate coverage of the shares of Sandisk (SNDK; $48.16) with an Equal-Weight post its separation from Western Digital (WDC; $49.07; O/P) on Monday (2/24) to once again be a publicly traded company; although WDC…

Maplebear, d/b/a Instacart (CART; $48.78; E/W), produced Q4 results and guidance that were a bit of a “mixed bag” relative to consensus expectations. On the plus side, Q4 EBITDA of $252mm (2.9% of Gross Transaction Value…

Maplebear, doing business as Instacart, (CART; $48.78; E/W) posted Q4 adjusted EBITDA of $252mm (2.9% of GTV), which was ahead of our forecast of $239mm (2.8% of GTV) and the Street’s $240mm (2.8% of GTV)….

We think the 27% decline in the shares of Westen Digital (WDC; $49.02; O/P) over the past 11 days has more than accounts for the long-awaited separation of Sandisk (SNDK; $48.60; NR) into a now…

Last Thursday (2/20), Airspan Networks announced it entered into a definitive agreement to acquire Corning’s (GLW; $51.49; O/P) wireless business, which consists of the company’s distributed antenna systems (DAS) and its SpiderCloud 4G and 5G…

We reiterate our Outperform and $50 target on the shares of Flex (FLEX; $40.36) after hosting investor meetings in New York last Thursday (2/20) for CEO Revathi Advaithi, CFO Kevin Krumm, as well as David…

We think NetApp (NTAP; $124.55; E/W) is well positioned to demonstrate some further share gains within the mid-range storage market, led by all flash array (AFA) demand, when it reports FQ3 (Jan) results and outlook…

We continue with our Outperform on the shares of Dell Technologies (DELL; $119.89) ahead of its FQ4 (Jan) results and outlook, scheduled for next Thursday (2/27 after market). Overall, we expect incremental support for the…

We reiterate our Outperform on the shares of Corning (GLW; $52.89) after our review of its recently filed 10-K, which highlighted to us a range of conservatism in our model. Importantly, this includes profit and…

We initiate coverage with an Outperform rating and $270 target on the shares of Fabrinet (FN; $223.04), which has proven to be the most consistent electronics manufacturing services (EMS) provider in the industry through an…

We raise our 2025E EBITDA for DoorDash (DASH; $205.64; E/W) from $2,375mm to $2,600mm (+37% YoY vs. +60% in 2024) after the company produced basically as expected Q4 results with Q1E guidance that was ahead…

We are lowering our 2025E EPS for Sensata (ST; $28.85; E/W) after it delivered a bit of a Q4 beat, albeit with Q1E guidance that was slightly below our and consensus thinking at the mid-point….

We adjust 2025/2026E EPS for Vertiv Holdings (VRT; $109.09; E/W) from $3.50/$4.30 to $3.55/$4.25 after the company produced a healthy Q4 beat and updated its full 2025E outlook for some additional currency headwinds and other…

This morning, Seagate (STX; $101.40; O/P) announced it reached an agreement to acquire Intevac (IVAC; $4.04; NR), which is a supplier of thin-film processing technology and manufacturing systems that are utilized in the production of…

Yesterday (2/12), we attended Western Digital (WDC; $67.28; O/P) Investor Day in New York ahead of its pending spin of Sandisk as a publicly traded company under the stock symbol SNDK. Keep in mind, SNDK…