Company Notes

TE Connectivity (TEL; $152.64; O/P) reported FQ4 (Sep) non-GAAP EPS of $1.95, a penny ahead of our consensus matching $1.94 on some healthy sales upside ($4,068mm vs. our $3,998mm and consensus of $4,004mm). By comparison,…

We reiterate our Outperform and raise our target from $53 to $60 on the shares of Corning (GLW; $49.03) after the company produced healthy “core” Q3 EPS leverage it sees continuing into Q4E, led by…

Corning (GLW; $46.84; O/P) reported Q3 “core” EPS of $0.54, which was in line with our $0.54 and a penny ahead of the Street’s $0.53 on somewhat better than expected core sales ($3,733mm vs. our…

We are reducing our 2024/2025E EPS for Amkor Technology (AMKR; $29.53; EW) from $1.55/$2.25 to $1.40/$1.85 after Q4 guidance disappointed the Street due predominantly to lower than seasonal sales to communications markets (50% of total),…

We think valuations offer a favorable risk/reward into FQ4 (Sept) results for Sanmina (SANM; $68.51; O/P), scheduled for next Monday (11/4 after market). We expect solid support for our F2025E (Sept) EPS of $6.05 and…

Amkor Technology (AMKR; $29.53; E/W) reported Q3 EPS of $0.49, which compared to our $0.49 and the Street’s $0.50 on sales of $1,862mm (vs. our $1,838mm and the Street’s $1,840mm). Recall, AMKR’s Q3 guidance called…

We assume Sensata’s (ST; $35.83; E/W) Q3 results and guidance are not too far off our forecasts when it reports next Monday (11/4 after market). Although after five consecutive quarters of cuts to our 2024E…

We expect Amkor Technology (AMKR; $30.00; E/W) to produce Q3 results and an outlook that basically line up with Street expectations when it reports on Monday (10/28 after market) since our checks suggest signs of…

We reiterate our Outperform and $90 target on the shares of Western Digital (WDC; $66.32) after FQ1 (Sept) results and guidance more than supported further success on a what we think can be a powerful…

Western Digital (WDC; $66.32; O/P) reported FQ1 (Sep) non-GAAP EPS of $1.78, which was ahead of our $1.72 and the Street’s $1.71. Recall, WDC’s FQ1 guidance called for sales and EPS of $4.0-4.2B and $1.55-1.85,…

We adjust our F2025E (Sep) EPS for Plexus (PLXS; $145.42; E/W) from $6.50 to $6.60 (+15% YoY vs. -11% in F2024) after a healthy FQ4 (Sep) beat, predominantly driven by better-than-expected quarter-end production activity that…

We reiterate our Outperform and raise our target from $75 to $80 on the shares of Celestica (CLS; $66.32) after the company produced a healthy Q3 “beat and raise” and provided a range of proof…

We are again bumping up our 2024/2025E EPS for Amphenol (APH; $68.47; E/W) from $1.77/$1.97 to $1.84/$2.07, mainly for a healthy Q3 EPS beat ($0.50 vs. our consensus matching $0.45), which was led again by…

Plexus (PLXS; $135.57; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.85, which was well ahead of our $1.58 and the Street’s $1.55, albeit including $0.12 per share of more favorable non-operating items than was considered…

Celestica (CLS; $57.47; O/P) reported Q3 non-IFRS EPS of $1.04, which beat our $0.91 and the Street’s $0.93 on sales of $2,500mm (vs. our $2,400mm and the Street’s $2,414mm). Recall, CLS’ Q3 outlook called for…