Flex (FLEX)
October 26, 2023
We reiterate our Outperform and $34 target on the shares of Flex (FLEX; $23.22) after the company delivered further on its operating margin and cash flow potential, despite greater than expected macro headwinds now surfacing…
October 17, 2023
We think FQ2 (Sept) results and outlook from Flex (FLEX; $25.94; O/P), scheduled for next Wednesday (10/25 after market), prove the 10% retreat in the stock since mid-July to be overdone. We think Nextracker (NXT;…
August 7, 2023
This morning, Flex (FLEX; $27.03; O/P) disclosed in an 8-K that it received shareholder approval to purchase up to 20% of its issued and outstanding shares and that its Board authorized a new cap of…
July 27, 2023
Flex (FLEX; $28.27; O/P) posted FQ1 (Jun) adjusted EPS of $0.57, comfortably beating our consensus matching $0.51, reflecting some better than expected sales, and most importantly margin upside from both its now 51%-owned Nextracker (NXT;…
July 17, 2023
We reiterate our Outperform on the shares of Flex (FLEX; $28.21; O/P) ahead of FQ1 (Jun) results and outlook, scheduled for next Wednesday (7/26 after market). We think new program momentum in Flex’s higher margin…
June 29, 2023
Last night, Nextracker (NXT; $37.13; E/W), a subsidiary of Flex (FLEX; $26.66; O/P), priced its previously announced Class A common stock offering at $36.50 per share, which delivers another $518mm of proceeds to Flex, albeit…
June 27, 2023
Last night, Nextracker (NXT; $38.05; E/W), a subsidiary of Flex (FLEX; $26.10; O/P), announced a Class A common stock offering that further monetizes Flex’s stake at a quicker pace than previously assumed due to bank…
June 5, 2023
We reiterate our Outperform and raise our target on the shares of Flex (FLEX; $26.13) from $30 to $32 after hosting an investor meeting with CEO Revathi Advaithi and David Rubin, VP of IR at…
May 11, 2023
We reiterate our Outperform on the shares of Flex (FLEX; $21.14) after its healthy FQ4 (Mar) “beat and raise” even after considering the initially dilutive impacts from the recent IPO of Nextracker (NXT; $33.23; E/W)….
May 10, 2023
Flex (FLEX; $21.14; O/P) reported FQ4 (Mar) adjusted EPS of $0.57, which was well ahead of our consensus matching $0.51 on sales of $7,447mm that also beat our $7,231mm and the Street’s $7,222mm. By comparison,…
May 3, 2023
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;…
February 9, 2023
Last night, Flex (FLEX; $24.15; O/P) announced its Nextracker subsidiary, a leading provider of solar trackers, priced its IPO at $24 per share or above its originally proposed range of $20-23. Nextracker, which will trade…
February 5, 2023
We reviewed Nextracker’s publicly available IPO roadshow presentations and S-1 filings ahead of Flex’s (FLEX; $24.42; O/P) plans to issue 23.26mm shares of Nextracker, before an overallotment option of up to another 3.49mm shares, which…
February 2, 2023
Last night, Flex’s (FLEX; $23.78; O/P) Nextracker subsidiary filed an amended S-1 as part of plans for its IPO and Nasdaq listing under the symbol NXT. The filing disclosed FLEX plans to issue 23.26mm shares…
January 26, 2023
Flex (FLEX; $24.36; O/P) produced as expected FQ3 (Dec) results and outlook, albeit with some put and takes, which in the “grand scheme of things” should prove transient, especially in the context of valuation (10.5X…