CLS: Another Emerging Buying Opportunity

We think the recent plunge in the shares of Celestica (CLS; $92.80; O/P) is creating an excellent buying opportunity for investors willing to look out between now and the end of the year. The stock…

DELL: Checking More Than Enough Growth Boxes

We bump up F2026E (Jan) non-GAAP EPS for Dell Technologies (DELL; $107.83; O/P) from $9.25 to $9.35 (+15% YoY vs. +11% in its just completed F2025) after FQ4 results and guidance lived up to expectations…

NTAP: Some Minor Disappointments to Consider

We adjust F2025/F2026E (Apr) EPS for NetApp (NTAP; $118.22; E/W) from $7.35/$8.05 to $7.23/$8.00, which equates to a still healthy average annual EPS growth of 11% across the two fiscal years. This is after NTAP…

NTAP: First Look at FQ3 (Jan) Results and Outlook

NetApp (NTAP; $118.22; E/W) reported FQ3 (Jan) non-GAAP EPS of $1.91, which compared to our $1.92 and the Street’s $1.91 on somewhat lower than expected sales ($1,641mm vs. our $1,700mm and the Street’s $1,694mm). As…

COMM: Back On a Broader Growth Path

We are raising our 2025E EBITDA for CommScope (COMM; $6.17; E/W) from $825mm 18.5% of sales) to $1,025mm (20.4% of sales) after the company produced a healthy Q4 beat with better-than-expected guidance for the New…

COMM: First Look at Q4 Results and Outlook

CommScope (COMM; $4.89; E/W) reported Q4 non-GAAP EPS of $0.18, which was well ahead of our $0.03 and the Street’s $0.02, albeit including $0.06 per share of favorable non-operating items that were not in our…

SNDK: Spins Out into NAND Recovery; Initiate with Equal-Weight

We initiate coverage of the shares of Sandisk (SNDK; $48.16) with an Equal-Weight post its separation from Western Digital (WDC; $49.07; O/P) on Monday (2/24) to once again be a publicly traded company; although WDC…

CART: A Mixed Grocery Bag

Maplebear, d/b/a Instacart (CART; $48.78; E/W), produced Q4 results and guidance that were a bit of a “mixed bag” relative to consensus expectations. On the plus side, Q4 EBITDA of $252mm (2.9% of Gross Transaction Value…

CART: First Look at Q4 Results and Outlook

Maplebear, doing business as Instacart, (CART; $48.78; E/W) posted Q4 adjusted EBITDA of $252mm (2.9% of GTV), which was ahead of our forecast of $239mm (2.8% of GTV) and the Street’s $240mm (2.8% of GTV)….

European Vehicle Registrations See Slow Start to Year

This morning, the European Automotive Manufacturers Association released car registration data from the region for the month of January, which was below seasonal trends. Although, we note registrations included some positive battery electric vehicle (BEV)…

WDC: Way Oversold Post Sandisk Separation

We think the 27% decline in the shares of Westen Digital (WDC; $49.02; O/P) over the past 11 days has more than accounts for the long-awaited separation of Sandisk (SNDK; $48.60; NR) into a now…

GLW: Frees Up Some More Capital to Drive Margins

Last Thursday (2/20), Airspan Networks announced it entered into a definitive agreement to acquire Corning’s (GLW; $51.49; O/P) wireless business, which consists of the company’s distributed antenna systems (DAS) and its SpiderCloud 4G and 5G…

FLEX: CEO Meetings Highlight Long Margin Expansion Runway

We reiterate our Outperform and $50 target on the shares of Flex (FLEX; $40.36) after hosting investor meetings in New York last Thursday (2/20) for CEO Revathi Advaithi, CFO Kevin Krumm, as well as David…

NTAP: Positioned to Demonstrate Some More Share Gains

We think NetApp (NTAP; $124.55; E/W) is well positioned to demonstrate some further share gains within the mid-range storage market, led by all flash array (AFA) demand, when it reports FQ3 (Jan) results and outlook…

DELL: Looking for a Generally Positive Set of Indicators

We continue with our Outperform on the shares of Dell Technologies (DELL; $119.89) ahead of its FQ4 (Jan) results and outlook, scheduled for next Thursday (2/27 after market). Overall, we expect incremental support for the…