Company Notes
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…
October 24, 2023
This morning, Hyzon Motors (HYZN; $0.88) announced the appointment of Stephen Weiland as CFO, effective November 1st. Recall, the company appointed Jiajia Wu as interim CFO back in April after Hyzon’s former CFO Samuel Chong…
October 24, 2023
Corning (GLW; $26.93; E/W) reported Q3 “core” EPS of $0.45, which was in line with our $0.45 but a penny below the Street’s $0.46 despite somewhat lower than expected core sales ($3,459mm vs. our $3,500mm…