– Coverage

SANM: Still on Healthy Growth Track

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…

GLW: First Look at Q1 Results and Outlook

Corning (GLW; $44.10; O/P) reported Q1 “core” EPS of $0.54, which was ahead of our $0.50 and the Street’s $0.51 on some better than expected core sales ($3,679mm vs. our $3,600mm and the Street’s $3,643mm)….

AMKR: Executing Well in H1 but H2 Demand Uncertainty Still Ahead

We are reducing our 2025/2026E EPS for Amkor Technology (AMKR; $17.48; E/W) from $1.35/$2.20 to $1.00/$1.40. Admittedly, this is after the company produced Q1 results in line with our and Street thinking while offering up…

AMKR: First Look at Q1 Results and Outlook

Amkor Technology (AMKR; $17.48; E/W) reported Q1 EPS of $0.09, which was in line with our consensus matching $0.09 on sales of $1,322mm that exceed our and the Street’s $1,275mm). Recall, AMKR’s Q1 guidance called…

SANM: First Look at FQ2 (Mar) Results and Outlook

Sanmina (SANM; $80.73; O/P) reported FQ2 (Mar) non-GAAP EPS of $1.41, which was ahead of our consensus matching $1.38 on somewhat better than expected sales of $1,984mm (vs. our $1,963mm and the Street’s $1,964mm). Recall,…

U.S. Moves To Accelerate Autonomous Vehicle Commercialization

Last Thursday (4/24), the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) introduced a new Automated Vehicle framework, which aims to make it easier for companies to deploy autonomous vehicles (AVs) at scale…

FLEX: Adding More Capacity to Meet Power Demand

This morning, Flex (FLEX; $34.70; O/P) announced it “significantly” increased production capacity for data center power products, such as busway systems, power distribution units and remote power panels, at its manufacturing facility in Columbia, South…

FN: Positive Set Up into March Quarter Print

We believe the shares of Fabrinet (FN; $198.55; O/P), which are still down 26% over the past 3+ months, prove oversold when the company reports FQ3 (Mar) results and outlook next Monday (5/5 after market)…

DASH: On the M&A Hunt in Europe

On Friday, Deliveroo (ROO.GB; £1.72; NR) disclosed it received an all-cash takeover proposal from DoorDash (DASH; $187.76; E/W) on April 5th to purchase the company in its entirety for 180 pence per Deliveroo share or…

LYFT: Takeaways from Annual CEO Letter

Last Thursday (4/24), Lyft (LYFT; $12.21; O/P) published a shareholder letter from CEO David Risher, which emphasized what has become the company’s intense focus on providing a better and better rideshare experience since he was…

CLS: Robust Growth Trajectory Led by Healthy Cloud Demand

We are raising our 2025/2026E EPS for Celestica (CLS; $90.97; O/P) from $4.75/$5.35 to $5.00/$5.70, implying more than 20% average EPS growth over the next two years, while staying on the conservative side for possible…

European Vehicle Registrations from March to Consider

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