Company Notes

Sanmina shares (SANM; $58.35; O/P) are -16% from 52-week highs and -10% since we launched coverage (“Still Attractively Priced EMS Play; Initiate with Outperform”; 3/5). We think this is likely on concerns that sales from…

We assume Amphenol (APH; $113.32; E/W) highlights a still “mixed bag” of end markets when it reports Q1 results and offers up Q2E guidance on April 24th (before market). However, we believe management was appropriately…

We think TE Connectivity (TEL; $142.98; O/P) can produce a solid “beat and raise” with its FQ2E (Mar) when it reports on April 24th (before market). More to the point, we think TEL is well…

The shares of Seagate (STX; $85.19; E/W) are -10% since it “only” reiterated FQ3E (Mar) sales and EPS guidance of $1.5-1.8B (+6% QoQ and -11% YoY at the mid-point) and $0.05-0.45 back on March 6th….

We reiterate our Outperform on Western Digital (WDC; $72.06) and raise our target from $80 to $85 ahead of its FQ3E (Mar) results, scheduled for April 25th (after market). We recently raised our F2024/F2025E (Jun)…

At 16.1X our slightly above consensus 2024E EPS, we see the risk/reward on the shares of Corning (GLW; $31.49; E/W) to be fairly balanced ahead of its Q1 results and guidance on Tuesday, April 30th…

This morning, Micron (MU; $123.04; O/P) disclosed in an 8-K that last week’s 7.4 magnitude earthquake in Taiwan will limit the company’s DRAM supply during CQ2E by a “mid-single digit percentage” as wafer capacity at…

This morning, Lucid Group (LCID; $2.73; E/W) announced it delivered 1,967 vehicles (+13% QoQ and +40% YoY), while producing 1,728 vehicles (-28% QoQ and -25% YoY) during Q1. By comparison, our model called for Q1…

This morning, Infineon Technologies (IFX.DE; €32.18; NR) announced a new multi-year strategic partnership with Amkor Technology (AMKR; $31.45; E/W) that further expands Infineon’s use of outsourced backend manufacturing in Europe. The two companies will operate…

We see Flex’s (FLEX; $29.11; O/P) cloud data center portfolio, led by its in-house power solutions, as still well underrepresented in current valuations (12X F2025E EPS). To that end, we note an ongoing rally in…

This morning, DoorDash (DASH; $138.93; E/W) announced the launch of a new benefits program in Pennsylvania for its couriers (aka Dashers). The program will offer a range of new benefits to Dashers including options around…

The shares of Aptiv (APTV; $78.79; O/P) continue to languish despite solid support in recent weeks from a range of supply chain sources for the company’s 2024E financial targets, which include the potential for record…

We recently spent a couple of days at the EV Charging Summit & Expo in Las Vegas, which was very well attended by both electric vehicle (EV) OEMs and manufacturers of charging equipment as well…

We lower our rating from Outperform to Equal-Weight on the shares of Maplebear, which is doing business as Instacart (CART; $37.29; O/P). The stock is now up 59% in just the three months since our…

Yesterday, Lucid Group (LCID; $2.86; E/W) announced another major investment from its majority stockholder and affiliate of the Public Investment Fund (PIF), Ayar Third Investment Company, which did not come as a major surprise to…