Company Notes

We reiterate our Outperform and $65 target on the shares of Nextracker (NXT; $39.62), while raising our F2025/F2026E (Mar) EPS from $3.30/$3.20 to $3.95/$3.60, after the company delivered another healthy “beat and raise” on its…

Nextracker (NXT; $39.62; O/P) reported FQ3 (Dec) adjusted EPS of $1.03, which was handily ahead of our $0.55 and the Street’s $0.58 on sales of $679mm (-4% YoY) that were also comfortably higher than our…

We think Uber Technologies’ (UBER; $68.54; O/P) Q4 results and outlook, scheduled for next Wednesday, February 5th (before market), can at least live up to Street expectations on an organic basis (ex-currencies), given what we…

We bump up our F2025/F2026E (Sep) EPS for Sanmina (SANM; $78.51; O/P) from $5.80/$6.45 to $6.00/$6.65, which still leaves room to be conservative, after it posted an “across the board” FQ1 (Dec) earnings beat with…

Sanmina (SANM; $78.51; O/P) reported FQ1 (Dec) non-GAAP EPS of $1.44, which beat our $1.35 and the Street’s $1.36 on sales of $2,006mm that was also ahead of our $1,985mm and the Street’s $1,980mm. Recall,…

We expect Benchmark Electronics (BHE; $43.33; E/W) to produce solid Q4 results and outlook on Wednesday (1/29 after market), which should provide healthy support for current valuations, especially given the recent 16% decline in the…

We reiterate our Outperform and $130 target on the shares of Seagate (STX; $103.95; O/P) after hosting an investor call on Friday (1/24) for CFO Gianluca Romano and Shanye Hudson, SVP, IR and Treasury to…

We reiterate our Outperform on the shares of Corning (GLW; $53.98; O/P) ahead of the company’s Q4 results and outlook, which are scheduled for Wednesday (1/29 before market). We assume GLW produces some moderate upside…

We raise our F2025/F2026E (Sept) EPS from $6.60/$7.25 to $6.90/$7.55 for Plexus (PLXS; $153.30; E/W) after the company produced some solid FQ1 (Dec) operating results while offering up FQ2E (Mar) guidance that was in line…

We raise our 2025E EPS for Amphenol (APH; $77.84; E/W) from $2.07 to $2.20 (+17% YoY vs. +25% in 2024) after the company again produced some healthy Q4 EPS upside with Q1E EPS guidance that…

We reiterate our Outperform on the shares of TE Connectivity (TEL; $155.09; O/P) after the company produced FQ1 (Dec) results and guidance that ranged from in line to better than we expected if we exclude…

Plexus (PLXS; $170.49; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.73, which beat our $1.60 and the Street’s $1.59 despite somewhat lower-than-expected sales ($976mm vs. our $988mm and the Street’s $982mm) that resulted in as…

This morning, Aptiv (APTV; $62.72; E/W) announced plans to separate its Electrical Distribution Systems (EDS) business from the rest of the company (RemainCo) and create two independent, publicly traded companies in a tax-free transaction. This…

Amphenol (APH; $74.98; E/W) reported Q4 non-GAAP EPS of $0.55, which beat our consensus matching $0.50 led by better than expected sales ($4,318mm vs. our $4,020mm and the Street’s $4,061mm). As per the table below,…

We reiterate our Outperform and $130 target on the shares of Seagate (STX; $101.25) after it reported a better-than-expected FQ2 (Dec) EPS, which importantly was driven by much better-than-expected gross margins. STX also provided FQ3E…