Company Notes


April 24, 2024

TEL: First Look at FQ2 (Mar) Results and Outlook

By Steven Fox

TE Connectivity (TEL; $143.23; O/P) reported FQ2 (Mar) non-GAAP EPS of $1.86, which was ahead of our consensus matching $1.83 led by some slightly better than expected sales ($3,967mm vs. our $3,950mm and consensus of…

Read More >>

April 23, 2024

STX: First Look at FQ3 (Mar) Results and Outlook

By Steven Fox

Seagate (STX; $86.49; E/W) reported FQ3 (Mar) non-GAAP EPS of $0.33, which was ahead of our $0.30 estimate and the Street’s $0.29 despite moderately lower than expected sales ($1,655mm vs. our $1,662mm and the Street’s…

Read More >>

April 23, 2024

CART: Amazon Raises Competitive Bar

By Steven Fox

The shares of Maplebear, doing business as Instacart (CART; $33.59; E/W), are down 7% today and have now retreated 14% from recent highs (vs. +43% YTD) on news that Amazon (AMZN; $179.62; NR) is offering…

Read More >>

April 23, 2024

HYZN: More Optionality Evidence

By Steven Fox

Last week, we attended Data Center World in Washington DC (“More Powerful Takeaways from Data Center World”; 4/22), which added to other recent news flow that continues to support the idea that hydrogen fuel cell…

Read More >>

April 22, 2024

APTV: Wondering What We Don’t Know

By Steven Fox

The shares of Aptiv (APTV; $69.75; O/P) are now down 22% YTD (vs. +4% for the S&P 500) as investor concerns with 2024E EPS guidance of $5.55-6.05 (+14-24% YoY) continue to mount to levels that…

Read More >>

April 22, 2024

MBLY: Looking for More Signs of Recovery

By Steven Fox

We expect Mobileye Global’s (MBLY; $30.23; O/P) Q1 results and outlook, scheduled for Thursday (4/25 before market), to clear another hurdle required for a further recovery in the stock as we mapped out in our…

Read More >>

April 19, 2024

JBL: CEO Placed on Paid Leave

By Steven Fox

Last night, Jabil (JBL; $129.59) announced in an 8-K filing that CEO Kenny Wilson was placed on paid leave pending completion of “an investigation related to corporate policies”. Effective as of today (4/19), the company’s…

Read More >>

April 18, 2024

BHE: Favorable Risk/Reward into Earnings

By Steven Fox

The risk/reward on the shares of Benchmark Electronics’ (BHE; $30.04; O/P) still looks attractive to us ahead of the company’s Q1 results and Q2E outlook in coming weeks, especially with the stock trading at only…

Read More >>

April 18, 2024

AMKR: Do H1 Results Matter Much for the Stock?

By Steven Fox

We continue to wonder if Amkor Technology’s (AMKR; $30.10; E/W) Q1 results and Q2E outlook, scheduled for April 29th (after market), are limited more than originally expected by a generally high exposure to still challenging…

Read More >>

April 17, 2024

SANM: Still Oversold Ahead of Earnings

By Steven Fox

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…

Read More >>

April 15, 2024

APH: A Pretty High Bar for Q1 Print

By Steven Fox

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…

Read More >>

April 15, 2024

TEL: Favorable Setup into FQ2 (Mar) Print

By Steven Fox

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…

Read More >>

April 15, 2024

STX: Some Worries into FQ3 (Mar) Print?

By Steven Fox

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….

Read More >>

April 15, 2024

WDC: More EPS Upside Likely Coming from Pricing

By Steven Fox

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)…

Read More >>

April 15, 2024

GLW: Assuming a Balanced Set of Q1E Puts and Takes

By Steven Fox

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…

Read More >>