All Reports

We reiterate our Outperform and raise our outdated price target from $350 to $560 on the shares of Fabrinet (FN; $443.00; O/P) as we up our F2026/F2027E (Jun) EPS from $11.90/$13.20 to $12.90/$14.50 (+27% and…

Sanmina (SANM; $140.34; O/P) reported FQ4 (Sep) non-GAAP EPS of $1.67, which was comfortably ahead of our $1.58 and the Street’s $1.57 with some solid sales upside ($2,096mm vs. our $2,068mm and the Street’s $2,057mm)….

Last week, the European Automobile Manufacturers Association released car registration data from the region for the month of September, which was somewhat above its usually healthy MoM seasonal patterns. Specifically, European vehicle registrations, which represents…

This morning, Vertiv Holdings (VRT; $191.35; E/W) announced it signed an agreement to acquire PurgeRite Intermediate from Milton Street Capital for ~$1B in cash. PurgeRite is a provider of mechanical flushing, purging and filtration services…

This morning, IREN (IREN; $60.75; NR), a North American-based data center operator, announced it signed a five-year GPU cloud services contract with Microsoft (MSFT; $517.81; NR), valued at $9.7B, which also includes an agreement to…

We think news flow this week from Uber Technologies (UBER; $96.43; E/W) only adds attention to what management says on the autonomous rideshare front with its Q3 results and outlook on Tuesday (11/4 before market)….

The shares of Maplebear, doing business as Instacart (CART; $36.10; O/P), are down 30% since August 11th, which we think offers a buying opportunity into the company’s Q3 print on Monday, November 10th (before market)….

We are raising our F2026/F2027E (Jun) EPS for Western Digital (WDC; $138.13; O/P) from $6.70/$7.60 to $7.45/$8.45 (up ~50% and ~15% YoY respectively) after the company produced a robust FQ1 (Sep) “beat and raise” that…

We bump up our 2025/2026E EPS for Aptiv (APTV; $82.12; E/W) from $7.55/$8.20 to $7.75/$8.55 after the company produced a healthy Q3 beat, albeit with Q4E guidance that was somewhat below our and Street thinking….

We are raising our 2025/2026E EPS for Belden (BDC; $122.26; E/W) from $7.30/$7.45 to $7.42/$7.70 after the company produced some Q3 EPS upside with Q4E guidance that was ahead of our and Street estimates. BDC…

We bump up our 2025E EPS for Sensata (ST; $32.64; E/W) from $3.35 to $3.40 (-1% YoY) while maintaining our 2026E EPS at $3.65 (+7% YoY) after the company produced some Q3 upside and offered…

Aptiv (APTV; $85.77; E/W) reported adjusted Q3 EPS of $2.17, which handily beat our $1.78 and the Street’s $1.81 on sales upside ($5,212mm vs. our $5,050mm and the Street’s $5,095mm). Recall, the company’s Q3 outlook…

We raise F2026E (Sept) EPS for TE Connectivity (TEL; $240.76; O/P) from $10.05 to $10.55 (+14% YoY) on an apples-to-apples basis for the new exclusion of intangible amortization expense (and its tax effects) in its…

We raise our F2026/F2027E (Mar) EPS for Flex (FLEX; $66.10; O/P) from $3.00/$3.30 to $3.13/$3.40 (+18% and +9% YoY) after the company comfortably beat our and consensus FQ2 (Sept) expectations, provided FQ3 (Dec) guidance that…

We reiterate our Outperform and raise our target from $300 to $400 on the shares of Celestica (CLS; $341.86) after the company produced another big Q3 “beat and raise” that came with an increasingly bullish…