Company Notes

We still think the shares of Versigent (VGNT; $39.00; O/P) look undervalued, after it reported Q1 results, its first as a public company since being spun out from Aptiv (APTV; $57.11; O/P), which included a…

Yesterday, we attended Corning’s (GLW; $181.44; E/W) Investor Day in New York, which highlighted a technical roadmap well positioned for success in coming years, particularly Optical Communications (40%+ of sales and profits). The meeting focused…

We reiterate our Outperform and $100 target on the shares of Benchmark Electronics (BHE; $86.32) after hosting virtual investor meetings earlier this week with CEO David Moezidis, CFO Bryan Schumaker, and Paul Mansky, Senior Director,…

We raise our target on the shares of Flex (FLEX; $134.73) from $115, admittedly just set yesterday, to $160 while sticking with our Outperform after the stock rose a remarkable 40% yesterday off the company’s…

Last night, Flex (FLEX; $96.45; O/P) stunned the Street with news that its Board approved plans to spin off its Cloud & Power Infrastructure (CPI) portfolio, thereby creating two independent, publicly traded companies in a…

We are reducing our rating on the shares of Fabrinet (FN; $717.80) from Outperform to Equal-Weight. We think upside on FN is now more limited for the time being after considering all the “puts and…

We reiterate our Outperform and raise our target to $550 on the shares of Western Digital (WDC; $431.52) after the company posted another robust “beat and raise” with its FQ3 (Mar) print on Thursday (4/30)….

We believe last week’s Q1 results and Q2E guidance from Sensata (ST; $42.19; E/W) represented another incremental “proving point” on the company’s march towards providing investors with steady sales growth and margin expansion under still…

Belden (BDC; $114.15; E/W) posted a solid Q1 set of results on Thursday (4/30), including EPS of $1.77, which beat our $1.70, led by some broadly better than expected sales that led to solid operating…

We stick with our Outperform, raise our target to $1,500, and boost F2026/2027E (Jun) EPS from $32.50/$100 to a remarkable $63/$160 on the shares of SanDisk (SNDK; $1,187.00) after it delivered another quarter of massive…

We are adjusting our 2026/2027E EPS for Amkor Technology (AMKR; $71.42; E/W) from $1.85/$2.10 to $2.05/$2.20 for a recent Q1 “beat and raise” as well as to consider initial margin and EPS dilution as the…

We reiterate our Outperform and raise our target from $135 to $190 on the shares of TTM Technologies (TTMI; $158.22) after the company delivered a healthy Q1 “beat and raise”. As a result, we also…

We are raising our F2026/2027E (Sept) EPS on Plexus (PLXS; $250.08; E/W) from $7.70/$8.70 to $8.05/$9.50, which equates to average EPS growth of 13% across these two fiscal years, albeit now positioned to generally accelerate…

We reiterate our Outperform and raise our target from $75 to $100 on the shares of Benchmark Electronics (BHE; $72.40) after the company produced a solid Q1 beat that was accompanied by a significantly more…

We reiterate our Outperform and raise our target from $180 to $190 on the shares of Amphenol (APH; $148.38) as we also increase EPS estimates meaningfully after the company’s especially healthy “beat and raise”. From…