Company Notes

We reduce F2025/F2026E (Aug) EPS for Micron (MU; $103.90; O/P) from $8.40/$11.20 to $6.75/$8.80 after FQ2E (Feb) guidance badly disappointed the Street, albeit with FQ1 (Nov) profits that were somewhat better than expected despite a…

Micron Technology (MU; $103.90; O/P) reported FQ1 (Nov) non-GAAP EPS of $1.79, which was ahead of our $1.75 and the Street’s $1.76 despite some lower than expected sales ($8,709mm vs. our $8,750mm and consensus of…

We bump up our F2025/F2026E (Aug) EPS for Jabil (JBL; $144.95; O/P) from $8.65/$9.60 to $8.75/$9.75 after the company produced a solid “beat and raise” on especially healthy free cash flows (FCF), which was led…

Jabil (JBL; $133.96; O/P) reported FQ1 (Nov) “core” non-GAAP EPS of $2.00, which beat our $1.87 and the Street’s $1.88 on sales of $6,994mm that were also ahead of our $6,600mm and the Street’s $6,608mm)….

Last night, CommScope (COMM; $5.61; E/W) announced a major refinancing that pushes out upcoming maturities while laying out a specific plan to reduce balance sheet leverage, which we think enables the company’s ongoing businesses to…

This evening, Sensata (ST; $29.48; E/W) announced that its Board appointed Stephan Von Schuckmann as CEO effective as of January 1st. Recall, Sensata appointed Martha Sullivan as interim CEO back in April after its former…

Yesterday (12/16), Maplebear, d/b/a Instacart (CART; $42.18; E/W), announced it is now offering several new supplier and merchant solutions to Instacart Business users on its platform. Recall, CART’s higher margin Instacart Business offering allows customers…

The shares of Lyft (LYFT; $14.09; O/P) are down 23% since 11/12, including a more recent -13% since 12/10, which came on the heels of a report out of data analysis provider Yipit on Alphabet’s…

Yesterday, the shares of Western Digital (WDC; $65.99; O/P) declined 6% on the heels of CEO Dave Goeckeler and CFO Wissam Jabre presenting at an investor conference where the company called out that it is…

We continue to see the shares of Micron (MU; $99.43; O/P) as undervalued into its FQ1 (Nov) results and outlook, scheduled for next Wednesday (12/18 after market). We note the stock is +4% since an…

We think Jabil’s (JBL; $132.75; O/P) FQ1 (Nov) results and outlook, scheduled for next Wednesday (12/18 before market), should comfortably support the company’s full F2025E sales, operating margin and EPS outlook of $27.0B (+2% YoY…

On Tuesday (12/10), we attended Mobileye Global’s (MBLY; $16.98; E/W) Innovation Day in Munich, Germany, where we heard detailed presentations from CEO Amnon Shashua, CFO Moran Shemesh Rojansky, CTO Shai Shalev-Shwartz and EVP, Strategy &…

This morning (12/6), Uber Technologies (UBER; $65.23; O/P) announced it launched a ride-hailing partnership in Abu Dhabi, UAE with WeRide (WRD; $15.95; NR), an autonomous driving technology company. Interestingly, this announcement comes right on the heels of news yesterday that Alphabet’s (GOOG; $174.31; NR) Waymo One was expanding its autonomous rideshare app into Miami, which added to recent pressure on Uber’s share price (-10% yesterday and -25% since 10/11 vs. +12% YTD). However, keep in mind that …

Earlier this week, executives from Seagate (STX; $98.18; O/P) provided a few meaningful updates ahead of presenting at a couple of investor conferences, including that it: (1) cleared important product qualification hurdles tied to the…

We make relatively modest changes to our F2025 and F2026E (Jan) sales and EBITDA forecasts for ChargePoint (CHPT; $1.22; E/W) after the company reported some better-than-expected FQ3 (Oct) results and offered up FQ4E (Jan) sales…