Company Notes
October 30, 2023
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…
October 30, 2023
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…
October 30, 2023
Last Thursday (10/26), Hyzon Motors (HYZN; $0.87) announced a revised commercial supply agreement with TR Group, which is a heavy-duty truck fleet operator in New Zealand. Specifically, Hyzon will now supply up to 20 fuel…
October 27, 2023
We adjust 2023/2024E EPS for Mobileye Global (MBLY; $35.20; E/W) from $0.73/$0.98 to $0.78/$0.87 after it produced somewhat better Q3 sales than forecasts, albeit with a significant operating profit beat. Q3 EPS was $0.22 vs….
October 27, 2023
We significantly increase our F2024/F2025E (Mar) EPS for Nextracker (NXT; $36.40; E/W), from $1.63 /$1.82 to $2.32/$2.58, after the company delivered a big “beat and raise”. The FQ2 (Sep) print further highlighted NXT’s advantaged position…
October 27, 2023
We maintain F2024E (Sept) EPS for Plexus (PLXS; $94.09; E/W) at $5.70 after its solid FQ4 (Sep) EPS beat and FQ1E (Dec) guidance that was basically in line with our forecasts. In addition, PLXS reiterated…
October 27, 2023
We adjust F2024/F2025E (Jun) EPS for Seagate (STX; $65.84; E/W) from ($0.03)/$2.65 to ($0.15)/$3.00 after its FQ1 (Sep) results generally lived up to recently lowered targets, with puts and takes, but FQ2E (Dec) guidance was…
October 26, 2023
We reiterate our Outperform and $34 target on the shares of Flex (FLEX; $23.22) after the company delivered further on its operating margin and cash flow potential, despite greater than expected macro headwinds now surfacing…
October 26, 2023
Mobileye Global (MBLY; $33.96; E/W) reported Q3 adjusted EPS of $0.22, which beat our consensus matching $0.17 on sales of $530mm (+18% YoY and +17% QoQ) that were somewhat ahead of our $520mm and the…
October 26, 2023
We adjust 2023E EPS for Benchmark Electronics (BHE; $22.97; O/P) from $2.03 to $2.05 after Q3 results and outlook lived up to our expectations, albeit with some “puts and takes”. Although, we also modify 2024E…
October 25, 2023
We adjust 2023/2024E EPS for Amphenol (APH; $79.66; E/W) from $2.88/$3.08 to $2.95/$3.15 after its Q3 print delivered some EPS upside and Q4E guidance was basically in line with our and Street thinking, albeit with…
October 25, 2023
We assume DoorDash’s (DASH; $73.12; E/W) Q3 results, and outlook, at least live up to expectations next Wednesday (11/1 after market), even with more questions about consumer spending on its “core” restaurant delivery. We model…
October 25, 2023
On Monday (10/23), we attended NetApp’s (NTAP; $73.84; E/W) first in-person Insight Conference in four years in Las Vegas. Our time at the company’s user conference included Financial Analysts Tech Sessions, where NTAP walked through…
October 25, 2023
Amphenol (APH; $79.26; E/W) reported Q3 non-GAAP EPS of $0.78, which was ahead of our $0.73 and the Street’s $0.74 led by some sales upside ($3,199mm vs. our $3,075mm and the Street’s $3,097mm). In addition,…
October 24, 2023
We reduce 2023/2024E EPS for Corning (GLW; $26.86; E/W) from $1.78/$2.13 to $1.68/$2.00 after a “meet and lower” Q3 print. Q3 EPS of $0.45 was in line with our forecast and a penny below the…