Company Notes

Proterra (PTRA; $5.87; O/P) produced Q3 sales of $96mm (+55% YoY), well above our $80mm and the Street’s $81mm, while reiterating full 2022E sales targets of $300-325mm (+24-34% YoY). At the same time, EBITDA losses…

We raise 2022/2023E EPS for Belden (BDC; $71.02; E/W) from $6.00/$6.40 to $6.35/$6.60 after its Q3 results handily beat expectations. Specifically, Q3 EPS of $1.77 was ahead of our $1.55 and the Street’s $1.56 driven…

We reduce F2023E (Sept) EPS for TE Connectivity (TEL; $113.52; E/W) from $7.60 to $6.80 (vs. $7.33 in F2022) after its basically as expected FQ4 results, albeit with puts and takes, came with FQ1E (Dec)…

Belden (BDC; $70.34; E/W) reported Q3 non-GAAP EPS of $1.77, which was well ahead of our $1.55 and the Street’s $1.56 on a solid sales beat ($671mm vs. our $638mm and the Street’s $635mm). Recall,…

TE Connectivity (TEL; $123.44; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.88, which was slightly ahead of our $1.85 and the Street’s $1.87 on somewhat better sales ($4,359mm vs. our $4,203mm and consensus of $4,213mm)….

We reiterate our Outperform on the shares of Uber Technologies (UBER; $29.87) after another quarter of robust organic top line growth accompanied by an accelerated trajectory of EBITDA improvements, led by significant Delivery profit upside…

We raise our target on the shares of CommScope (COMM; $13.24; O/P) from $13 to $15 ahead of its Q3 results and outlook on Thursday (11/3 before market). We have increased confidence in management’s ability…

Uber Technologies (UBER; $26.57; O/P) posted Q3 adjusted non-GAAP EBITDA of $516mm (6.2% of sales), which was comfortably ahead of our forecast of $450mm (5.6% of sales) and the Street’s $459mm (5.7% of sales). Sales…

We think Aptiv’s (APTV; $91.07; E/W) 2022E guidance is on solid ground ahead of Q3 results and outlook on Thursday (11/3 before market). Recall, APTV targeted 2022E sales, operating margin, and EPS of $17.0-17.3B, 9.0-9.7%…

We like the “set up” for the shares of Uber Technologies (UBER; $27.50; O/P) ahead of Q3 results and outlook tomorrow morning (11/1). The stock is -6% from where it traded to right after a…

Last night, Intel (INTC; $28.58; NR) provided, as part of its Q3 print, some disclosures around Mobileye Global’s (MBLY; $27.28; NR) top line and profits for the most recent quarter. Specifically, MBLY produced Q3 sales…

We are again reducing forecasts for Western Digital (WDC; $34.34; E/W) after FQ1 (Sept) EPS missed expectations, albeit mainly for higher taxes. However, WDC also suggested it likely swings to an EPS loss in FQ2E…

We raise our F2023E (Sept) EPS for Plexus (PLXS; $95.92; E/W) from $5.30 to $5.80 after the company delivered substantial FQ4 (Sept) upside, reflecting its ability to better meet multi-quarter levels of pent-up demand across…

Benchmark Electronics (BHE; $29.06; O/P) produced a healthy Q3 “beat and raise” that highlighted broad new program momentum and solid margin expansion despite ongoing supply chain constraints for specialty components, especially limiting shipments in medical…

We raise F2023/F2024E (Mar) EPS for Flex (FLEX; $18.48; O/P) from $2.10/$2.35 to $2.30/$2.45 after an impressive FQ2 (Sept) “beat and raise”, which reflected better supply chain execution on an expanding book of business plus…