Company Notes

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…