Flex (FLEX)

We see Flex’s (FLEX; $29.11; O/P) cloud data center portfolio, led by its in-house power solutions, as still well underrepresented in current valuations (12X F2025E EPS). To that end, we note an ongoing rally in…

We reiterate our Outperform and $32 target on Flex (FLEX; $27.22) after reviewing this morning’s CQ4 results and outlook from Vertiv Holdings (VRT; $56.90; NR), which is a leading producer of uninterruptable power suppliers, power…

We reiterate our Outperform and raise our target from $30 to $32 on the shares of Flex (FLEX; $26.65; O/P) after hosting investor meetings last Thursday (2/8) in Boston with CEO Revathi Advaithi, CFO Paul…

Flex (FLEX; $23.74; O/P) delivered FQ3 (Dec) results with an FQ4E (Mar) guidance that comfortably lived up to expectations, including its “core” remaining business after the recently completed spin of Nextracker (NXT; $45.27; E/W). Specifically,…

We are updating our financial model for Flex (FLEX; $22.13; O/P) to account for the recently completed divestiture of Nextracker (NXT; $41.89; E/W) on January 2nd (“NXT Spin Coming Much Sooner Than Expected”; 12/18/23). The…

After today’s market close, Flex (FLEX; $28.69; O/P) announced it received approval from the High Court of Singapore to complete the last stage of its divestiture of Nextracker (NXT; $47.46; E/W) through a tax-free spin…

The 29% rally in the shares of Nextracker (NXT; $42.76; E/W) over the past two months has “on paper” created more value for the shares of Flex (FLEX; $26.26; O/P) that has basically gone unrecognized…

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…

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;…

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…

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;…

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…

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…

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…

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…