Flex (FLEX)


February 9, 2023

FLEX: Reiterate Outperform on FLEX Post NXT IPO Pricing

By Steven Fox

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…

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February 5, 2023

FLEX: Reiterate Outperform on Our Full Nextracker Review

By Steven Fox

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…

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February 2, 2023

FLEX: Nextracker Files IPO Range

By Steven Fox

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…

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January 26, 2023

FLEX: Valuation Drivers Continue to Present Themselves

By Steven Fox

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…

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January 23, 2023

FLEX: Looking for More Positive Catalysts with Earnings

By Steven Fox

We expect the most recent rally in the shares of Flex (FLEX; $24.56; O/P), which are +17% since 12/28/22, to be more than confirmed with the release of its FQ3 (Dec) results and outlook on…

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January 17, 2023

FLEX: Files Nextracker S-1; Raise Target to $30

By Steven Fox

We raise our target on the shares of Flex (FLEX; $24.03; O/P) to $30 after the company announced on Friday (1/13 after the close) that its Nextracker subsidiary filed an S-1 as part of plans…

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October 27, 2022

FLEX: Shows More New Win and Mix Momentum

By Steven Fox

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…

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October 17, 2022

Another Buying Opportunity into Earnings

By Steven Fox

We reiterate our Outperform on the shares of Flex (FLEX; $17.42) ahead of FQ2E (Sept) results and outlook, scheduled for next Wednesday (10/27 after market). We think the combination of the stock’s depressed valuation, recently…

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July 28, 2022

Holding Together Very Well

By Steven Fox

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June 7, 2022

A Solar Overhang Removed

By Steven Fox

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