Company Notes

The risk/reward looks favorable to us around the shares of Sanmina (SANM; $84.18; O/P) into its FQ1 (Dec) results and guidance, scheduled for Monday (1/27 after market). Specifically, we look for no worse than as…

We are raising our target on the shares of Celestica (CLS; $118.10; O/P) from $100 to $135 ahead of its Q4 results and guidance, which are scheduled for Thursday, January 30th (before market). The stock…

TE Connectivity (TEL; $148.30; O/P) reported FQ1 (Dec) non-GAAP EPS of $1.95, which was ahead of our $1.88 and the Street’s $1.89 despite somewhat lower-than-expected sales ($3,836mm vs. our $3,900mm and consensus of $3,905mm). By…

Seagate (STX; $101.25; O/P) reported FQ2 (Dec) non-GAAP EPS of $2.03, which beat our $1.87 and the Street’s $1.88 on the back of much better-than-expected gross margins as sales of $2,325mm compared to our $2,313mm…

We reiterate our Outperform on the shares of Flex (FLEX; $42.72) ahead of its FQ3 (Dec) print and guidance, scheduled for Wednesday, January 29th (before market), which we think can come with some operating margin…

We assume the shares of Amphenol (APH; $69.86; E/W) continue to trade within the range we have seen from the stock for the past 10 months or so after the company offers up its Q4…

Last night, Western Digital (WDC; $64.25; O/P) filed an 8-K in which it disclosed that it expected FQ2 (Dec) sales to be at mid-point of its original guidance range of $4.2-4.4B but that adjusted EPS…

We reiterate our Outperform on the shares of TE Connectivity (TEL; $143.47) ahead of FQ1 (Dec) results and outlook, scheduled for next Wednesday (1/22 before market). Most importantly, we think TEL can at least live…

We think the shares of Seagate (STX; $94.34; O/P), which are down 16% since mid-October (vs. +2% for the S&P 500), remain oversold ahead of FQ2 (Dec) results and outlook, scheduled for Tuesday (1/21 after…

We reiterate our Outperform on the shares of Jabil (JBL; $152.76) and bump up our price target from $175 to $180 after meeting with several of the company’s senior management team during the Consumer Electronics…

Last week, during our trip to the Consumer Electronics Show (CES) in Las Vegas we attended Aptiv’s (APTV; $59.35; E/W) Investor Event where we heard from a range of senior managers, including CEO Kevin Clark,…

This week during our visit to the Consumer Electronics Show (CES) in Las Vegas, we attended a press conference held by Mobileye Global’s (MBLY; $16.95; E/W) CEO Amnon Shashua, toured the company’s booth, listened in…

We reiterate our Outperform on the shares of Dell Technologies’ (DELL; $119.31) after meeting this week with members of the IR team during our visit to the Consumer Electronics Show (CES) in Las Vegas. At…

Earlier this week, Garmin (GRMN; $211.39; NR) introduced its next-generation auto infotainment system, the Unified Cabin 2025, at the Consumer Electronics Show (CES) in Las Vegas, which includes a new ultra-wide front display that uses…

The shares of Lyft (LYFT; $13.36; O/P) declined 7% on Wednesday after Uber Technologies (UBER; $64.91; O/P) announced a new and exclusive multi-year partnership with Delta Air Lines (DAL; $61.42; NR) that displaces Lyft’s prior…