Company Notes

We are reducing 2025E sales, operating profit, and EPS for Mobileye (MBLY; $17.54; E/W) ahead of the company’s upcoming Capital Markets Day in Munich, Germany on December 9-10th to better consider uncertainty around future shipments…

We are concerned that we may need to lower our F2025E/F2026E (Jan) sales and profitability forecasts somewhat further for ChargePoint (CHPT; $1.19; E/W) after the company reports its FQ3 (Oct) results on Wednesday (12/4 after…

We adjust our F2025E (Jan) EPS from $7.90 to $7.85 and reiterate our F2026E EPS of $9.25 for Dell Technologies (DELL; $141.74; O/P) after considering a range of “puts and takes” across the company’s FQ3…

Corning (GLW; $48.00; O/P) seems to be moving quickly to address recently raised concerns from the European Commission (EC) around the company’s position in the cover glass market. Recall, the EC announced earlier this month…

We are raising our target to $100 on the shares of Celestica (CLS; $85.60; O/P) to reflect some favorable recent data points that mainly suggest further momentum is likely in the company’s higher margin Hardware…

Amkor Technology (AMKR; $26.54; E/W) recently announced a strategic partnership with privately held Lightmatter, a photonic chips supplier, to develop a 3D-packaged chip complex that integrates more silicon in a single package. The partnership will…

We reiterate our Outperform on the shares of Jabil (JBL; $131.12) and raise our target from $150 to $160 after hosting investor meetings last week for management in Boston and New York, including CEO Mike…

We are surprised the shares of Western Digital (WDC; $66.43; O/P) did not move even higher late last week (+4% since Wednesday’s close vs. -17% since mid-July) for the valuation support provided from reports that…

Flex (FLEX; $41.30; O/P) announced the appointment on Friday (11/22) of Kevin Krumm as its new CFO effective January 6th. Mr. Krumm succeeds Jaime Martinex, who was serving effectively as interim CFO after Paul Lundstrom…

We think recent news flow out of Uber Technologies (UBER; $69.64; O/P) provides further support for the idea that the company can continue to generate healthy operating leverage, led by Mobility (~50% of gross bookings…

We adjust F2025/F2026E (Apr) EPS for NetApp (NTAP; $126.68; E/W) from $7.15/$8.00 to $7.35/$8.05 after the company produced a solid FQ2 (Oct) “beat and raise”. Importantly, NTAP now targets F2025E EPS of $7.20-7.40, up from…

NetApp (NTAP; $126.68; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.87, which was ahead of our $1.80 and the Street’s $1.78 on basically as expected sales ($1,658mm vs. our $1,650mm and the Street’s $1,645mm). As…

Earlier this week, Dell Technologies (DELL; $135.90; O/P) announced some new artificial intelligence (AI) based servers, solutions and services, as part of its Dell AI Factory portfolio, which is basically aimed at enabling enterprises to…

Last night, Flex (FLEX; $37.64; O/P) announced it acquired privately held JetCool for undisclosed terms. JetCool, founded in 2019 and headquartered in Littleton, MA, has developed liquid cooling solutions for cloud, enterprise, and co-location data…

This morning, Jabil (JBL; $129.25; O/P) announced it signed a Memorandum of Understanding (MoU) with the Gujarat State Government of India, which follows on a separate MoU signed with the Tamil Nadu State of India,…