We raise our rating on the shares of Aptiv (APTV; $92.05) from Equal-Weight to Outperform. The stock was -8% yesterday and is 24% lower since mid-February despite a positive Q1 print and reiterated 2023 outlook,…
We think CommScope (COMM; $4.82; O/P) continues to execute extremely well to its “core” 2023E EBITDA targets of $1.35-1.50B (+8-20% YoY ex-Home Networks) on the back of a strategic transformation plan (CommScope NEXT) that is…
CommScope (COMM; $4.77; O/P) reported Q1 non-GAAP EPS of $0.35, which beat the Street’s $0.32 and was well ahead of our more conservative $0.23. Sales were $2,002mm, which compared to the Street’s $2,148mm and our…
Aptiv (APTV; $99.84; E/W) reported adjusted Q1 EPS of $0.91, which was ahead of the Street’s $0.89 and our more conservative $0.78 and on sales of $4,818mm (vs. the Street’s $4,569mm and our $4,500mm). As…
We adjust 2023/2024E EPS from $2.23/$2.70 to $2.15/$2.62 for Benchmark Electronics (BHE; $21.82; O/P) after its Q1 print and Q2E outlook more than lived up to expectations from an operating standpoint. We note our EPS…
Benchmark Electronics (BHE; $21.82; O/P) reported Q1 non-GAAP EPS of $0.42, which was in line with our consensus matching $0.42 on better than expected sales ($695mm vs. our $663mm and the Street’s $661mm) and as…
We think investors in Flex (FLEX; $20.54; O/P) should focus on “core” FQ4E (Mar) operating results and guidance (e.g., ex-Nextracker), scheduled for next Wednesday, (5/10 after market), on the heels of its Nextracker (NXT; $30.19;…
Belden (BDC; $79.49; E/W) reported Q1 non-GAAP EPS of $1.68, which was handily ahead of our consensus matching $1.55 on sales of $642mm (vs. our and the Street’s $625mm). Recall, BDC’s outlook called for Q1…
Uber Technologies (UBER; $36.52; O/P) remains a “top pick” across our coverage after it produced another healthy non-GAAP EBITDA “beat and raise”, which most importantly was led by healthy operating leverage on robust organic bookings…
Uber Technologies (UBER; $32.74; O/P) posted Q1 adjusted EBITDA of $761mm (8.6% of sales), which handily beat our forecast of $675mm (7.6% of sales) and the Street’s $689mm (7.9% of sales). Sales of $8,823mm were…
We think Aptiv’s (APTV; $102.67; E/W) full year 2023E EPS guidance of $4.00-4.50 is at least reiterated when the company reports Q1 results on Thursday morning (5/4). Our confidence comes from more recent evidence that…
This morning, Proterra (PTRA; $1.17; O/P) announced that CFO Karina Padilla, who joined the company in January of last year, plans to “step down” effective as of May 15th. Ms. Padilla will be succeeded by…
We stick with our sales, operating margin, and EPS forecasts for Benchmark Electronics (BHE; $21.35; O/P) ahead of its Q1 results on Wednesday (5/3 after market). We think new programs continued to ramp at a…
We see CommScope’s (COMM; $4.93; O/P) “core” 2023E EBITDA target of $1.35-1.50B (ex-Home Networks) “holding up” when it posts Q1 results on Thursday (5/4 before market). However, we are concerned consensus Q1E forecasts may not…
The shares of Mobileye Global (MBLY; $37.50; NR) are still down 13% since management guided 2023E sales and operating profit moderately lower yesterday morning. The stock is also 22% off its recent high of $48.11…