JBL: Reaching for a Major Inflection Point; Raise Target to $150

We reiterate our Outperform, increase EPS estimates, and raise our target from $125 to $150 on the shares of Jabil (JBL; $124.95) another “beat and raise” with its FQ4 (Aug) print and full year F2024E…

JBL: First Look at FQ4 (Aug) Results and Outlook

Jabil (JBL; $105.18; O/P) reported FQ4 (Aug) “core” non-GAAP EPS of $2.45, which beat our consensus matching $2.32 on sales of $8,458mm (vs. our $8,506mm and the Street’s $8,537mm). As illustrated in the variance table…

MU: Another Year of H2 Promises

We bump up our F2024E (Aug) EPS from a loss of ($2.60) to ($2.30) and raise F2025E EPS from $1.90 to $2.45 for Micron (MU; $68.21; E/W) after a basically as expected FQ4 (Aug) print…

MU: First Look at FQ4 (Aug) Results and Outlook

Micron Technology (MU; $68.21; E/W) reported FQ4 (Aug) non-GAAP EPS of a loss of ($1.07), which was somewhat ahead of our ($1.18) and the Street’s ($1.15) on slightly better than expected sales ($4,010mm vs. our…

JBL: Definitely Exiting Mobility

Last night, Jabil (JBL; $105.00; O/P) announced that it reached a definitive agreement to divest its Mobility business (11% of sales at somewhat below average margins) to BYD Electronic or BYDE (285.HK; HK$34.95; NR) for…

HYZN: Reaches Final SEC Resolution

Last night, Hyzon Motors (HYZN; $1.22) announced a final resolution of an SEC investigation, ongoing since January of 2022, in which the company agreed to pay a civil monetary penalty of $25mm, subject to court…

UBER: Another Buying Opportunity

The shares of Uber Technologies (UBER; $44.27; O/P) have now retreated 11% since the end of July, albeit in a weak tech tape (-9% for NASDAQ over the same period), but despite a subsequent Q2…

JBL: First Look at F2024 Should Not Disappoint

We reiterate our Outperform on Jabil shares (JBL; $107.33) ahead of its FQ4 (Aug) results and Annual Investor Briefing next Thursday (9/28 before market) when we expect a first view on F2024E (Aug) sales and…

MU: Finally Looking for End to EPS Cuts

After reducing our generally below consensus estimates for Micron (MU; $69.68; E/W) on five different occasions over the course of the past year, we think this may finally be the quarterly call where Street projections…

Some Above Seasonal European Auto Registrations

This morning, the European Automobile Manufacturers Association released car registration data from the region for the month of August, which was well ahead of seasonal trends. Specifically, European vehicle registrations (~20% of global demand) in…

APTV: Supporting Its Software Confidence Game

We sat in on Aptiv’s (APTV; $102.57; O/P) Software Teach-In yesterday. The presentation and Q&A suggested to us that management has increased confidence in its ability to leverage last year’s $3.5B acquisition of Wind River’s…

NXT: More Signs of Momentum

We followed up with Nextracker (NXT; $41.89; E/W) after it introduced a suite of next-gen solar tracker hardware, software, and services at the RE+ 2023 conference in Las Vegas. We think these recent announcements highlight…

DASH: Some More Grocery Announcements

This morning, DoorDash (DASH; $83.00; E/W) announced a series of new grocery and alcohol delivery partnerships, ironically just as Maplebear, doing business as Instacart, plans its IPO for tonight under the ticker CART. We note…

JBL: Connecting Some More EV Dots

Yesterday (9/15), Rivian’s (RIVN; $24.06; E/W) CEO RJ Scaringe presented at an investor conference, where among other things, the company highlighted plans to update its electronic and electrical vehicle architecture, for integration into its next-generation…

CART: Raises IPO Range

This morning, Maplebear, which is doing business as Instacart, raised its proposed IPO price range from $26-28 to $28-30. The company still plans to issue 22.0mm shares (14.1mm in a primary offering and 7.9mm in…