Flex (FLEX)
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…
January 23, 2023
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…
January 17, 2023
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…
October 27, 2022
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…
October 17, 2022
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…