Company Notes

We are raising our F2026/F2027E (Jun) EPS for Sandisk (SNDK; $576.25; O/P) from $12.10/$20.60 to “a hard to fathom round numbers” of $40.00 and $100.00 after the company produced FQ2 (Dec) results and offered up…

We are bumping up our F2026/F2027E (Mar) EBITDA for Nextpower (NXT; $121.08; E/W) from $800mm/$900mm to $820mm/$913mm after the company produced some healthy FQ3 (Dec) profit upside, reflecting some “pulled in” project timing for a…

We are raising our F2026/F2027E (Sep) EPS for Plexus (PLXS; $197.60; E/W) from $7.45/$8.45 to $7.70/$8.70 after the company produced basically as expected FQ1 (Dec) EPS with FQ2E (Mar) guidance that was comfortably ahead of…

The shares of Celestica (CLS; $300.00; O/P) declined 13% yesterday on the heels of what we believed to be a robust Q4 “beat and raise” that also suggested an expanding set of growth opportunities. CLS…

We are reducing our rating on the shares of Corning (GLW; $104.28) from Outperform to Equal-Weight. The stock is up 110% YoY, including +34% just since mid-November, and has now risen 2.8X since our upgrade…

We are raising our 2026E EPS for Amphenol (APH; $145.96; O/P) from $3.75 to $4.20 (+26% YoY vs. +77% in 2025) to account for some upside in the Q4 print and organic guidance outlook, all…

Plexus (PLXS; $180.85; E/W) reported FQ1 (Dec) non-GAAP EPS of $1.78, which was ahead of our $1.75 and the Street’s $1.76, albeit on some lower than expected sales ($1,070mm vs. our $1,075mm and the Street’s…

Celestica (CLS; $345.23; O/P) reported Q4 non-GAAP EPS of $1.89, which was comfortably ahead of our $1.73 and consensus of $1.76 on sales of $3,655mm (vs. our $3,464mm and the Street’s $3,484mm). As illustrated in…

Amphenol (APH; $166.25; O/P) reported Q4 non-GAAP EPS of $0.97, which was ahead of our $0.91 and the Street’s $0.93 led by better-than-expected sales ($6,439mm vs. our $6,094mm and the Street’s $6,194mm). As per the…

Corning (GLW; $109.74; O/P) reported Q4 “core” EPS of $0.72, which was ahead of our $0.70 and the Street’s $0.71 on core sales of $4,412mm that was also better than our $4,354mm and the Street’s…

Yesterday, Micron (MU; $410.24; O/P) announced plans to invest ~$24B over ten years to expand its advanced NAND wafer fabrication operations in Singapore. The new advanced fab will be located within Micron’s existing NAND manufacturing…

We are raising our F2026/F2027E (Jun) EPS for Seagate (STX; $371.76; O/P) from $11.05/$13.45 to assume further records of $12.75/$15.35, +57% and +20% YoY, after the company delivered an especially robust “beat and raise”, which…

Seagate (STX; $371.76; O/P) reported FQ2 (Dec) non-GAAP EPS of $3.11, which was well ahead of our $2.75 and the Street’s $2.83 on sales of $2,825mm that also beat our $2,738mm and the Street’s $2,741mm….

We reiterate our Outperform and $80 target on the shares of Flex (FLEX; $63.75) ahead of the company’s FQ3 (Mar) results and outlook, scheduled for next Wednesday (2/4 before market). In fact, we think Flex’s…

We are raising our F2026/F2027E (Sep) EPS on Sanmina (SANM; $182.54; O/P) from $9.00/$10.30 to $10.05/$11.00 after the company demonstrated some healthy revenue growth in its legacy business with FQ1 (Dec) results and guidance, while…