Company Notes

Celestica (CLS; $92.14; O/P) reported Q1 non-GAAP EPS of $1.20, which beat our $1.11 and consensus of $1.12 with solid sales upside ($2,649mm vs. our $2,550mm and the Street’s $2,557mm). Recall, CLS’ Q1 outlook called…

This morning, Uber Technologies (UBER; $73.77; E/W) announced a new long-term partnership with Volkswagen (VOW.DE; €91.40; NR) to deploy a fleet of “thousands” of fully electric ID. Buzz autonomous microbuses on its rideshare platform in…

Mobileye Global (MBLY; $13.20; E/W) reported Q1 adjusted EPS of $0.08, which was slightly ahead of our $0.07 and in line with the Street’s $0.08 on sales of $438mm (+83% YoY) vs. our consensus matching…

We are raising our rating from Equal-Weight to Outperform and establishing a target of $85 on the shares of Amphenol (APH; $71.15) after the company produced an especially strong “beat and raise”. We think APH’s…

We raise F2025/F2026E (Sept) EPS back up for TE Connectivity (TEL; $136.06; O/P) from our recently lowered $7.95/$8.40 to $8.20/$8.75 after it produced a healthy FQ2 (Mar) beat with solid guidance that reflected some better-than-expected…

Plexus (PLXS; $127.17; E/W) reported FQ2 (Mar) non-GAAP EPS of $1.66, comfortably beating our consensus matching $1.54, on sales of $980mm, which was basically in line with the Street’s $981mm and slightly below our more…

Amphenol (APH; $65.75; E/W) reported Q1 non-GAAP EPS of $0.63, which handily beat our $0.51 estimate and the Street’s $0.52 led by much better-than-expected sales ($4,811mm vs. our $4,300mm and the Street’s $4,297mm). As per…

Vertiv Holdings (VRT; $71.82; E/W) reported Q1 non-GAAP EPS of $0.64, which was ahead of our $0.60 and the Street’s $0.61 on sales of $2,036mm (vs. our $1,925mm and the Street’s $1,936mm). Recall, VRT’s Q1…

TE Connectivity (TEL; $133.45; O/P) reported FQ2 (Mar) non-GAAP EPS of $2.10, which handily beat our $1.95 and the Street’s $1.96 on better-than-expected sales ($4,143mm vs. our $3,950mm and the Street’s $3,970mm). By comparison, TEL’s…

Yesterday, the Federal Trade Commission (FTC) announced it filed a lawsuit against Uber Technologies (UBER; $74.52; E/W) alleging that the company charged consumers without consent for its Uber One subscription program (~30mm members exiting 2024)….

We reduce 2025/2026E EPS for Aptiv (APTV; $50.99; E/W) from $7.30/$8.50 to $6.25/$8.00 ahead of Q1 results and guidance, scheduled for May 1st (before market). Our estimate cuts are to consider an increasing likelihood that…

We assume our full F2026E (Mar) sales, operating margin, and EPS for Flex (FLEX; $30.53; O/P) of $26.4B (+2% YoY on an organic basis), 5.8% (vs. 5.6% in F2025E) and $2.85 (+9% YoY) remains a reasonable…

We think our and Street estimates on Celestica (CLS; $80.59; O/P) can continue to prove achievable after its Q1 results and outlook post on Thursday (4/24 after market). We think our view was supported last…

We are reducing our profit forecasts on Mobileye Global (MBLY; $11.90; E/W) ahead of the company’s Q1 results and outlook, which are scheduled for Thursday (4/24 before market). More to the point, we are concerned…

We think Western Digital (WDC; $35.62; O/P) has another chance to “strike a new chord” with investors through its upcoming FQ3 (Mar) results and guidance, scheduled for April 30th (before market), after successfully completing the…