Earnings Previews, Bars & Sentiment - APH, CDNS, CLS, GLW, KLAC, LRCX, TER

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Earnings Previews, Bars & Sentiment - APH, CDNS, CLS, GLW, KLAC, LRCX, TER

Specialist Sales J P M O R G A N

27 July 2026

Joshua Meyers

+1 617 310 0767

joshua.meyers@jpmorgan.com

These bars are always a work in progress and a catalyst for discussion, so I’m grateful for your feedback/pushback on any

of the below!

APH (7/29 8am ET, call 1pm)

• SENTIMENT: APH is in a strange spot. The name is among our most crowded hardware longs (and almost nobody is short),

and investor sentiment among those I speak with is positive – with many pointing to the attractive multiple (only ~26x F27

EPS, with very strong earnings growth – 50%+ this year and nearly 40% next – and estimates continually grinding higher).

The team has a strong portfolio positioned to capture key AI inflections, including a breadth of qualified SKUs spanning

across signal, power, and RF (including a rack-level interconnect portfolio to capture the eventual 800V story) combined with

a strong execution track record across hyperscalers and XPU players. Despite all of this – and CEO Adam Norwitt’s

extremely positive tone in meetings with us - the stock is up a mere +13%YTD, and many still view it as copper-levered…

viewing the CSS growth rate skeptically, and questioning the fact that they’re already engaged with clients on optical

interconnects for CPO solutions

• POSITIONING SCORE (-5 = max short/UW, 5 = max long/OW): 3

• BUYSIDE BARS: Respondents to our buyside survey expect only modest beats of revenue and EPS, with no signs of

operating leverage – a low bar, and one that seems priced in. By contrast, our analyst Joe Cardoso expects APH to report a

robust beat helped by data center (including copper and optical) as well as other businesses, along with a strong order book,