Company Notes

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…

Sanmina (SANM; $182.54; O/P) reported FQ1 (Dec) non-GAAP EPS of $2.38, which were well ahead of our $2.10 and the Street’s $2.13 on healthy sales upside ($3,190mm vs. our $3,050mm and the Street’s $3,076mm). Recall,…

We expect Benchmark Electronics (BHE; $49.22; O/P) to produce Q4 results and outlook on Tuesday, February 3rd (after market) that provide further support for the idea that the company is seeing an improvement in its…

“All eyes” will of course be on Corning’s (GLW; $94.28; O/P) Optical Communications business (~40% of 2025E sales and 35-40% of profits ex-corporate expenses) with its Q4 results and guidance on Wednesday (1/28 before market)….

We expect a solid “beat and raise” from Amphenol (APH; $152.50; O/P) that more than supports current valuation when the company posts Q4 results and guidance on Wednesday (1/28 before market). Importantly, our forward estimates…

The shares of Mobileye Global (MBLY; $10.51; E/W) are a bit of an investment conundrum to us after its Q4 was basically in line with our and Street estimates, especially since 2026E guidance was disappointing,…

We reiterate our Outperform and $290 price target on the shares of TE Connectivity (TEL; $231.00) after its FQ1 (Dec) EPS handily exceeded expectations ($2.72 vs. our $2.53 and consensus of $2.54), albeit with “only”…

We reiterate our Outperform and $400 target on the shares of Celestica (CLS; $310.76) ahead of the company’s Q4 results and outlook next Wednesday (1/28 after market). The stock has generally traded in a range…

TE Connectivity (TEL; $233.27; O/P) reported FQ1 (Dec) non-GAAP EPS of $2.72, which comfortably beat our $2.53 estimate and the Street’s $2.54 on sales upside ($4,669mm vs. our $4,500mm and consensus of $4,522mm). By comparison,…

We reiterate our Outperform and bump up our target from $185 to $200 on the shares of Sanmina (SANM; $174.73;) ahead of its FQ1 (Dec) results and guidance, scheduled for next Monday (1/26 after market)….

This morning, Jabil (JBL; $250.01; O/P) announced a strategic minority investment in Eagle Harbor Technologies, d/b/a EHT Semi, which is a supplier of radio frequency (RF) and pulsed-power systems used in semiconductor processing. As part…

Yesterday, Micron (MU; $362.75; O/P) announced it signed an exclusive letter of intent to purchase Powerchip Semiconductor’s (6770.TW; NT$68.20; NR) P5 fabrication site in Tongluo, Miaoli County, Taiwan for $1.8B in cash, including a ready-to-use…

We reiterate our Outperform and $290 target on the shares of TE Connectivity (TEL; $241.24) ahead of its FQ1 (Dec) results and guidance, which are scheduled for Wednesday, January 21st (before market). We believe the…