All Reports

We raise 2025/2026E EBITDA for Maplebear, d/b/a Instacart (CART; $44.35; E/W), from $1.025B/$1.175B to $1.075B/$1.225B, which implies EBITDA margins expand from 2.6% of GTV in 2024 to 2.9% in 2025 and 3.1% in 2026E, after…

Yesterday, Uber Technologies (UBER; $82.87; E/W) announced a new multi-year partnership with May Mobility to deploy “thousands” of autonomous vehicles (AVs) on Uber’s network over the next few years, starting in Arlington, TX by the…

We bump up our 2025/2026E EPS for Belden (BDC; $101.35; E/W) from $7.00/$7.70 to $7.25/$7.75 after the company produced some healthy Q1 upside with Q2E guidance that was generally in line with Street expectations.  On…

Aptiv (APTV; $56.96; E/W) produced better than expected Q1 results and a more favorable Q2E outlook than we anticipated, which assumes that vehicle production schedules from the company’s auto OEM customers through June prove solid….

We raise 2025E EBITDA for CommScope (COMM; $4.55; E/W) from $1,025mm to $1,050mm (20.6% of sales) after it produced a healthy Q1 beat and reiterated full 2025E adjusted EBITDA outlook of $1,000-1,050mm. This is despite…

Maplebear, d/b/a Instacart, (CART; $39.80; E/W) posted Q1 adjusted EBITDA of $244mm (2.7% of GTV), which was ahead of our forecast of $230mm (2.5% of GTV) and the Street’s $229mm (2.5% of GTV). At the…

Belden (BDC; $103.11; E/W) reported Q1 non-GAAP EPS of $1.60, which beat our $1.48 and the Street’s $1.49 on sales of $625mm (vs. our $613mm and the Street’s $616mm). Recall, BDC’s Q1 guidance called for…

Aptiv (APTV; $57.06; E/W) reported adjusted Q1 EPS of $1.69, which was well ahead of our $1.52 and the Street’s $1.53 on sales of $4,825mm (vs. our $4,750mm and the Street’s $4,793mm). As per the…

CommScope (COMM; $3.74; E/W) reported Q1 non-GAAP EPS of $0.14, which beat our $0.10 and the Street’s $0.06. Sales were $1,112mm, which compared to our $1,088mm and the Street’s $1,112mm. As per the variance table…

We reiterate our Outperform on the shares of Western Digital (WDC; $43.86) and raise F2025/F2026E (Jun) EPS from $4.27/$5.45 to $4.75/$5.80 after the company produced a healthy FQ3 (Mar) “beat and raise” that further demonstrated…

Benchmark Electronics (BHE; $38.27; O/P) produced solid Q1 results and guidance that basically jibed with our forecasts, albeit with some more top line pressures than we assumed would be the case, which was generally offset…

We raise F2025/F2026E (Jun) EPS for Seagate (STX; $81.60; O/P) from $7.55/$8.80 to $7.90/$9.25 after the company’s healthy “beat and raise”, supporting the idea that cloud data center spending, and associated demand for high capacity…

Seagate (STX; $81.60; O/P) reported FQ3 (Mar) non-GAAP EPS of $1.90, which was comfortably ahead of our $1.75 and the Street’s $1.74 on sales of $2,160mm (vs. our $2,138mm and the Street’s $2,124mm). Recall, STX’s…

We are bumping up our 2025/2026E EPS from $2.25/$2.55 to $2.35/$2.65 for Corning (GLW; $44.46; O/P), which now equates to ~15% average annual EPS growth, after the company delivered some upside with its Q1 print…

We modify our F2025E (Sept) EPS from $6.00 to $5.85 (+11% YoY) for Sanmina (SANM; $80.73; O/P) mainly for a delay in a large new program ramp after it produced some slight upside with FQ2…