Company Notes

We leave our F2024E (Aug) EPS for Jabil (JBL; $111.79; O/P) at $8.40 (-3% YoY) but lower F2025E EPS from $10.00 to $8.80 (+5% YoY) after FQ3 (May) lived up to Street expectations and management…

Jabil (JBL; $126.23; O/P) reported FQ3 (May) “core” non-GAAP EPS of $1.89, which was ahead of our consensus matching $1.85 on some sales upside ($6,765mm vs. our $6,500mm and the Street’s $6,525mm). Recall, JBL’s FQ3…

We raise our target on the shares of Micron (MU; $153.45; O/P) to $185 ahead of the company’s FQ3 (May) results and outlook, scheduled for next Thursday (6/26 after market). We believe recent supply chain…

We raise our post-stock split 2024/2025E EPS for Amphenol (APH; $68.80; E/W) from $1.70/$1.85 to $1.75/$1.97 for the recently completed acquisition of Carlisle Companies’ (CSL; $412.96; NR) Interconnect Technologies business or CIT as well as…

We are raising our rating on the shares of Corning (GLW; $37.25) from Equal-Weight to Outperform and set a $45 target after joining an extensive facility visit to its Sullivan Park Research & Development campus…

We reiterate our Outperform on the shares of Celestica (CLS; $56.77) and bump up our target from $60 to $65 after we had the opportunity for a “big picture” discussion with CEO Rob Mionis, who…

We think Jabil (JBL; $121.10; O/P) utilizes its FQ3 (May) results, scheduled for next Thursday (6/20 before market), to better “reset” the Street after what has proven a disappointing past 12 months by the company’s…

We raise our F2026E (Apr) EPS for NetApp (NTAP; $125.73; E/W) from $7.30 to $7.75 (+12% YoY) while maintaining F2025E forecasts at $6.90 (+6%) after attending the company’s Investor Day in New York on Tuesday…

We reiterate our Outperform on the shares of Western Digital (WDC; $76.52; O/P) and bump up our target from $95 to $100 after taking in the company’s “New Era of NAND” webcast on Monday (6/10)…

Yesterday (6/6), the shares of Maplebear, doing business as Instacart (CART; $33.78; E/W), jumped 9% after it disclosed in an 8-K filing that its Board approved a new share repurchase authorization on June 2nd of…

We raise our rating on the shares of Lyft (LYFT; $15.69) from Equal-Weight to Outperform and establish a $20 price target after attending the company’s first-ever Investor Day yesterday in New York. We think management…

We think the FQ1 (Apr) print and guidance from ChargePoint (CHPT; $1.73; E/W) demonstrated meaningful financial progress off the company’s revamped strategy and enhanced focus on resource management, which was established under CEO Rick Wilmer…

We are raising our F2024/F2025E (Jun) EPS for Seagate (STX; $91.85; E/W) from $0.93/$5.40 to $1.10/$5.85 after the company’s CFO Gianluca Romano provided a positive update at an investor conference earlier today. Specifically, STX now…

The shares of Mobileye Global (MBLY; $26.46; O/P) have retreated 19% since early-April (vs. +1% for the S&P 500) as the Street seems suddenly concerned with the company’s longer-term competitive positioning around autonomous vehicle (AV)…

We think news flow over the weekend out of Advanced Micro Devices (AMD; $161.57; NR) and NVIDIA (NVDA; $1,130.04; NR) provides further support to the idea that Amkor Technology (AMKR; $32.00; E/W) is well positioned…