Company Notes

We are reducing our 2024/2025E EPS for Sensata (ST; $31.78; E/W) from $3.50/$3.60 to $3.42/$3.40 after the company produced a basically as expected set of Q3 results, albeit with Q4E guidance that was below our…

We stick with our Outperform and bump up our target from $85 to $87 on the shares of Sanmina (SANM; $72.80; O/P) after the company posted solid FQ4 (Sept) results and guidance, especially on the…

Over the past week, Hyzon Motors (HYZN; $1.69) disclosed two separate announcements about completed trials of its Class 8 200kW fuel cell electric truck with TALKE, a logistics solutions provider for the chemical industry, as…

Mobileye Global (MBLY; $15.57; E/W) shares rose 25% last week after it reported Q3 results and provided guidance on Thursday morning (10/31) that offered support for the idea that management has found a stable base…

We adjust our 2024/2025E EBITDA for DoorDash (DASH; $155.82; E/W) from $1,875mm/$2,275mm to $1,900mm/$2,375mm (+60% and +25% YoY) after the company produced better than expected Q3 results with guidance that was basically in line with…

We adjust our 2024/2025E EPS for Belden (BDC; $116.14; E/W) from $5.95/$7.55 to $6.15/$7.55 after it produced solid Q3 results and guidance. Q3 non-GAAP EPS of $1.70 came in comfortably ahead of our $1.60 and…

The shares of Aptiv (APTV; $56.83; E/W) plunged 18% yesterday, leaving the stock -37% YTD, after management reduced its 2024E outlook for production schedule reductions at a handful of key auto OEM customers, led mainly…

We stick with our Outperform on the shares of Nextracker (NXT; $39.82; O/P), even after the stock jumped 25% today on the heels of a robust FQ2 (Sept) “beat and raise”. We note the company…

We adjust our 2024/2025E EBITDA for Uber Technologies (UBER; $72.05; O/P) from $6.38B/$8.03B to $6.48B/$8.25B after the company’s Q3 results and outlook were in line to somewhat better than forecasts. As per the table below,…

Uber Technologies (UBER; $79.43; O/P) posted Q3 adjusted EBITDA of $1,690mm (4.1% of gross bookings), which was ahead of our forecast of $1,643mm (4.0% of gross bookings) and the Street’s $1,642mm (4.0% of gross bookings)….

We adjust 2024/2025E EPS for Benchmark Electronics (BHE; $45.42; E/W) from $2.25/$2.50 to $2.26/$2.50 after the company produced some better-than-expected Q3 EPS ($0.57 vs. our $0.55 and consensus of $0.54) with Q4E guidance that jibed…

We reiterate our Outperform on the shares of TE Connectivity (TEL; $151.79) after FQ4 (Sept) results and guidance highlighted a still robust growth vector for the company’s sales into cloud data center markets (~5% of…

Nextracker (NXT; $31.97; O/P) reported FQ2 (Sep) adjusted EPS of $0.97, which was far and away ahead of our $0.55 and the Street’s $0.61 on sales of $636mm (+11% YoY) that were higher than our…

Benchmark Electronics (BHE; $45.40; E/W) reported Q3 non-GAAP EPS of $0.57, which was ahead of our $0.55 and the Street’s $0.54 on sales of $658mm (vs. our consensus matching $650mm). Recall, BHE’s Q3 guidance called…

We adjust F2025/F2026E (Mar) EPS for Flex (FLEX; $36.05; O/P) from $2.45/$2.85 to $2.45/$2.75 after FQ2 (Sept) results and guidance further demonstrated the operating margin expansion potential still available to the company, even with ongoing…