Company Notes

This morning, Jabil (JBL; $126.68; O/P) announced it acquired, for undisclosed terms, privately held Retronix, which provides a suite of electronic component refurbishment services that cover a range of applications (e.g., aerospace/defense, automotive, industrial automation,…

This week, Jabil (JBL; $124.94; O/P) announced two agreements that highlight how the company continues to pursue a range of new opportunities in various higher margin services, where management believes it can provide a differentiated…

We further reduce 2023/2024E EPS for Belden (BDC; $62.73; E/W) from $6.90/$6.30 to $6.50/$5.05 after Q3 results jibed with its negative pre-announcement, albeit with Q4E guidance that suggested a more challenged financial picture in the…

We think yesterday’s 10% drop in the shares of Aptiv (APTV; $77.20; O/P), after a healthy Q3 EPS beat, proves a massive over reaction to some disappointing growth over market (GoM) rates we see driven…

We raise 2023E and 2024E adjusted EBITDA for DoorDash (DASH; $75.90; E/W) from $950mm/$1,100mm to $1,175mm/$1,525mm after its big “beat and raise” with Q3 results and outlook. Q3 EBITDA of $344mm (15.9% of sales) compared…

Aptiv (APTV; $86.08; O/P) reported adjusted Q3 EPS of $1.30, which handily beat our $1.15 and the Street’s $1.23 on sales of $5,114mm (vs. our $5,000mm and the Street’s $5,091mm). As per the table below,…

We adjust F2024E (Sep) EPS for TE Connectivity (TEL; $122.86; E/W) from $7.30 to $7.40 after FQ4 (Sep) results were slightly ahead of the Street and FQ1E (Dec) guidance was fairly consistent with expectations. FQ4…

DoorDash (DASH; $75.90; E/W) reported Q3 sales of $2,164mm (+2% QoQ and +27% YoY), ahead of our $2,100mm and the Street’s $2,095mm, which was generated off of gross order value (GOV) of $16,751mm (+24% YoY)….

TE Connectivity (TEL; $117.85; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.78, which was slightly ahead of our $1.75 and the Street’s $1.76 on somewhat better than expected sales ($4,035mm vs. our $4,001mm and consensus…

The shares of Sensata (ST; $31.88; O/P) slumped another 7% today, bringing the stock to its lowest levels since 2012 excluding its initial plunge during the early days of COVID. The stock is also -23%…

We remain bullish on the shares of Uber Technologies (UBER; $43.02; O/P) ahead of its Q3 print next Tuesday (11/7 before market) and stick with our Q3E gross bookings of $34.5B (+3% QoQ and +19%…

We raise our rating on the shares of Western Digital (WDC; $41.80) from Equal-Weight to Outperform and establish a target of $52. We are encouraged by the formal announcement that WDC plans to spin-off its…

Sensata (ST; $34.10; O/P) reported Q3 adjusted EPS of $0.91, which was slightly ahead of our consensus matching $0.90 on basically as expected sales ($1,001mm vs. our $1,000mm and the Street’s $1,004mm). Recall, the company’s…

This morning, CommScope (COMM; $1.41; E/W) negatively pre-announced Q3 results and warned on its Q4E outlook. Specifically, COMM now expects Q3E sales of $1.60B (-17% QoQ and -33% YoY) and $249mm (15.6% of sales), which…

We assume Lyft’s (LYFT; $9.26; E/W) Q3 results and outlook, scheduled for Wednesday, November 8th (after market), are at least around near-term targets given recent travel indicators and executive leadership changes, which have emphasized rational…