Company Notes

This morning, Jabil (JBL; $160.29; O/P) announced what we assume is a relatively small acquisition that we think can prove highly strategic for the company’s broadening outsourcing ambitions across healthcare markets (15-20% of sales). Specifically,…

We expect no major changes to our 2025E EPS for Amkor Technology (AMKR; $24.12; E/W) after its Q4 results and outlook next Monday (2/10 after market). We think EPS season so far added more signs…

We are raising 2025/2026E EPS for Amphenol (APH; $70.29; E/W) from $2.20/$2.40 to $2.26/$2.50 after management announced it completed this previously disclosed acquisition, for $2.1B in cash, of CommScope’s (COMM; $4.99; E/W) Outdoor Wireless Networks…

We reiterate our Outperform on the shares of Lyft (LYFT; $13.52) ahead of its Q4 results and outlook, scheduled for Tuesday, February 11th (after market). The stock is still down 27% since 11/11/24 and at…

We are lowering our 2025E sales and operating profits for Mobileye Global (MBLY; $16.31; E/W) from $1,900mm and $316mm (16.6% of sales) to $1,750mm (+6% YoY) and $217mm (12.4% of sales) as we also cut…

We reiterate our Outperform and bump our target to $140 on the shares of Celestica (CLS; $114.15) after the company’s robust Q4 “beat and raise” and disclosed a couple of major new program wins enabled…

We are reducing our F2025/F2026E (Mar) EPS for Western Digital (WDC; $65.78; O/P) from $6.15/$7.05 to $5.65/$6.55 to consider the details behind the previously pre-announced FQ2 (Dec) results with FQ3E (Mar) guidance that suggested more…

We raise our rating on the shares of Benchmark Electronics (BHE; $43.64) from Equal-Weight to Outperform after this small cap EMS provider produced a Q4 beat, albeit with somewhat “mixed” guidance to start the year….

Mobileye Global (MBLY; $16.01; E/W) reported Q4 adjusted EPS of $0.13, which was ahead of our $0.10 and the Street’s $0.11 on sales of $490mm (-23% YoY and +1% QoQ) vs. our $486mm and the…

We reiterate our Outperform and $60 target on the shares of Corning (GLW; $49.80) after the company delivered a solid Q4 “beat and raise” while advertising that its risk adjusted “Springboard Framework” goals for 2026E…

We reiterate our Outperform and $50 target on Flex (FLEX; $41.51) as we bump up our F2025/F2026E (Mar) EPS from $2.45/$2.75 to $2.62/$2.85 after the company produced a healthy FQ3 (Dec) “beat and raise” that…

Celestica (CLS; $100.49; O/P) reported Q4 non-IFRS EPS of $1.11, which beat our $1.04 and the Street’s $1.05 on sales of $2,546mm (vs. our $2,500mm and the Street’s $2,530mm). Recall, CLS’ Q4 outlook called for…

Western Digital (WDC; $62.80; O/P) reported FQ2 (Dec) non-GAAP EPS of $1.77, which compared to our $1.75 and the Street’s $1.79. Recall, WDC pre-announced earlier this month it expected FQ2 sales to be at the…

Flex (FLEX; $40.59; O/P) reported FQ3 (Dec) adjusted EPS of $0.77, which was well ahead of our consensus matching $0.63, on sales of $6,556mm that were also comfortably beyond our $6,200mm and the Street’s $6,206mm….

Corning (GLW; $51.23; O/P) reported Q4 “core” EPS of $0.57, which was modestly ahead of our consensus matching $0.56 on better-than-expected core sales ($3,874mm vs. our $3,755mm and the Street’s $3,764mm). Recall, GLW’s Q4 outlook…