All Reports

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…

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…

We reiterate our Outperform on the shares of Corning (GLW; $52.89) after our review of its recently filed 10-K, which highlighted to us a range of conservatism in our model. Importantly, this includes profit and…

We initiate coverage with an Outperform rating and $270 target on the shares of Fabrinet (FN; $223.04), which has proven to be the most consistent electronics manufacturing services (EMS) provider in the industry through an…

Our latest look at aggregate inventories up and down the supply chain suggested more progress towards “normalizing” inventories, led again by electronics manufacturing service (EMS) providers with some help from the distribution channel. It also…

We raise our 2025E EBITDA for DoorDash (DASH; $205.64; E/W) from $2,375mm to $2,600mm (+37% YoY vs. +60% in 2024) after the company produced basically as expected Q4 results with Q1E guidance that was ahead…

We are lowering our 2025E EPS for Sensata (ST; $28.85; E/W) after it delivered a bit of a Q4 beat, albeit with Q1E guidance that was slightly below our and consensus thinking at the mid-point….

We adjust 2025/2026E EPS for Vertiv Holdings (VRT; $109.09; E/W) from $3.50/$4.30 to $3.55/$4.25 after the company produced a healthy Q4 beat and updated its full 2025E outlook for some additional currency headwinds and other…

This morning, Seagate (STX; $101.40; O/P) announced it reached an agreement to acquire Intevac (IVAC; $4.04; NR), which is a supplier of thin-film processing technology and manufacturing systems that are utilized in the production of…

Yesterday (2/12), we attended Western Digital (WDC; $67.28; O/P) Investor Day in New York ahead of its pending spin of Sandisk as a publicly traded company under the stock symbol SNDK. Keep in mind, SNDK…

This morning, TE Connectivity (TEL; $146.49; O/P) announced it signed a definitive agreement to acquire privately held Richards Manufacturing, a producer of a range of components, mainly for utility grids as well as certain industrial…

Vertiv Holdings (VRT; $123.25; E/W) reported Q4 non-GAAP EPS of $0.99, which beat our $0.81 and the Street’s $0.82 on sales of $2,346mm (vs. our $2,147mm and the Street’s $2,155mm). Recall, VRT’s Q4 outlook called…

The shares of Lyft (LYFT; $12.66; O/P) traded down 10%+ last night after management raised the spectra of incremental rideshare pricing pressures even as it produced a healthy Q4 EBITDA beat with Q1E EBITDA guidance…

Lyft (LYFT; $14.39; O/P) posted Q4 adjusted EBITDA of $113mm (2.6% of gross bookings) vs. our $103mm (2.4% of gross bookings) and the Street’s $104mm (2.4% of gross bookings) on total gross bookings of $4.28B,…

This morning, we attended Sandisk’s inaugural Investor Day in New York City ahead of its pending separation from Western Digital (WDC; $69.13; O/P) as a publicly traded company under the stock symbol SNDK. We note…