All Reports

We are again reducing forecasts for Western Digital (WDC; $34.34; E/W) after FQ1 (Sept) EPS missed expectations, albeit mainly for higher taxes. However, WDC also suggested it likely swings to an EPS loss in FQ2E…

We raise our F2023E (Sept) EPS for Plexus (PLXS; $95.92; E/W) from $5.30 to $5.80 after the company delivered substantial FQ4 (Sept) upside, reflecting its ability to better meet multi-quarter levels of pent-up demand across…

Benchmark Electronics (BHE; $29.06; O/P) produced a healthy Q3 “beat and raise” that highlighted broad new program momentum and solid margin expansion despite ongoing supply chain constraints for specialty components, especially limiting shipments in medical…

We raise F2023/F2024E (Mar) EPS for Flex (FLEX; $18.48; O/P) from $2.10/$2.35 to $2.30/$2.45 after an impressive FQ2 (Sept) “beat and raise”, which reflected better supply chain execution on an expanding book of business plus…

We make some relatively small adjustments to our 2022/2023E EPS for Amphenol (APH; $73.19; E/W), from $2.93/$3.07 to $2.98/$3.05, after the company produced one of its typically healthy types of EPS beats in Q3, albeit…

Plexus (PLXS; $96.55; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.78, which was substantially ahead of our $1.25 and consensus of $1.27 on sales of $1,124mm (vs. our $1,000mm and the Street’s $1,008mm). PLXS also…

We reduce F2023/F2024E (Jun) EPS for Seagate (STX; $53.64; E/W) from $3.60/$7.15 to $1.35/$3.20 after it produced an FQ1 (Sept) “miss and lower”, suspended share repurchases (after buying $408mm of stock in FQ1), increased debt…

Amphenol (APH; $73.01; E/W) reported Q3 non-GAAP EPS of $0.80, which beat our $0.74 and the Street’s $0.75 on better than expected sales ($3,295mm vs. our $3,100mm and the Street’s $3,113mm). As per the variance…

Seagate (STX; $58.00; E/W) reported FQ1 (Sep) non-GAAP EPS of $0.48, which was well below our $0.65 and the Street’s $0.71 on sales of $2,035mm (vs. our $2,050mm and the Street’s $2,101mm). Recall, STX cut…

We reduce our rating on the shares of Corning (GLW; $31.73) from Outperform to Equal-Weight. The company’s Q3 results and outlook leads us to believe that GLW faces an extended recovery period in consumer markets…

This morning, Lyft (LYFT; $14.81; O/P) announced in a blog post that it was re-introducing its Lyft Pink membership program, which now includes new benefits at a lower subscription price ($9.99 per month or $99…

We make some slight adjustments to our 2022E/2023E EPS for Sensata (ST; $39.46; O/P), from $3.30/$4.00 to $3.33/$4.03, after Q3 results and outlook lived up to expectations despite greater than expected currency headwinds we are…

This morning, Tritium (DCFC; $2.36; O/P) announced a partnership with DC-America, which designs and installs battery electric vehicle (BEV) charging locations in the U.S. Specifically, DC-America will now work to install charging stations, which we…

Corning (GLW; $32.33; O/P) reported Q3 “core” EPS of $0.51 that was in line with our and the Street’s modeling on core sales of $3,666mm, which compared to our $3,650mm and the Street’s $3,664mm. Recall,…

Sensata (ST; $41.62; O/P) reported Q3 adjusted EPS of $0.85, which compared to our $0.84 and the Street’s $0.85 on sales of $1,018mm (vs. our $1,000mm and $1,005mm from the Street). Recall, the company’s Q3…