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    Matthew Sheerin

    Managing Director and Senior Equity Research Analyst at Stifel

    Matthew Sheerin is a Managing Director and Senior Equity Research Analyst at Stifel, specializing in technology hardware and IT distribution companies. He covers leading publicly traded names such as CDW, ePlus, and other major technology infrastructure providers, maintaining a strong performance record with a one-year success rate of nearly 70% and average returns exceeding 13% per trade, according to TipRanks. Sheerin has built his analyst career over more than two decades, previously holding roles at firms such as Thomas Weisel Partners before joining Stifel, and has led coverage through numerous industry cycles beginning in the early 2000s. He holds recognized industry credentials, including FINRA securities licenses, underscoring his expertise in equity research and investment analysis.

    Matthew Sheerin's questions to TD SYNNEX (SNX) leadership

    Matthew Sheerin's questions to TD SYNNEX (SNX) leadership • Q4 2024

    Question

    Matthew Sheerin asked about gross margin expectations for the upcoming year given the business mix. He also inquired about the status of the ramp with Hyve's second major customer and the pipeline for adding new customers.

    Answer

    CFO Marshall Witt did not provide specific gross margin guidance but stated that operating margins are expected to stabilize after Q1, with normal seasonality leading to improvement in Q4. On the Hyve business, he confirmed continued strong performance from the second major customer and noted they are working to expand services with them, while also expressing optimism about opportunities to expand the overall Hyve customer base in the coming years.

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    Matthew Sheerin's questions to JABIL (JBL) leadership

    Matthew Sheerin's questions to JABIL (JBL) leadership • Q1 2025

    Question

    Matthew Sheerin asked for more detail on the "deepening relationship" with Jabil's largest hyperscale customer, the potential size of the new photonics opportunity with a second hyperscaler, and the inventory outlook for the second half of fiscal 2025.

    Answer

    CEO Mike Dastoor explained that the deepening relationship involves winning new business with their existing top customer. For the second hyperscaler, the opportunity is in silicon photonics, currently focused on 100-400G products with plans to quote 800G and explore 1.6T. He also confirmed the strategy is to cross-sell Jabil's broader engineering and integration platform. CFO Greg Hebard added that net inventory days are expected to remain in the 55-60 day range, likely trending toward the lower end in the second half of the year.

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    Matthew Sheerin's questions to Gauzy (GAUZ) leadership

    Matthew Sheerin's questions to Gauzy (GAUZ) leadership • Q3 2024

    Question

    Matthew Sheerin of Stifel inquired about Gauzy's path to EBITDA breakeven in Q4 and the expected revenue ramp for the automotive division, including the company's capacity to meet new demand.

    Answer

    Eyal Peso, an executive at Gauzy, confirmed the company is on track for Q4 EBITDA breakeven. He explained that adding a second shift, rather than hiring more staff, addresses labor constraints in the Aeronautics division while protecting profitability. For the Automotive division, he stated that significant revenue from major contracts with Ferrari and a large European OEM will begin to materialize in the second half of 2025. He assured that current capacity is sufficient for this ramp-up, as it involves different production needs than the Aeronautics business.

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    Matthew Sheerin's questions to ARROW ELECTRONICS (ARW) leadership

    Matthew Sheerin's questions to ARROW ELECTRONICS (ARW) leadership • Q3 2024

    Question

    Matthew Sheerin of Stifel inquired about the specifics of the Q4 components guidance, seeking clarity on the expected performance of Asia versus Western markets. He also asked about the current book-to-bill ratio across regions and the outlook for gross margin recovery.

    Answer

    CEO Sean Kerins clarified that the Q4 outlook anticipates flattish performance in Asia and modest sequential declines in the West. He confirmed the global book-to-bill ratio is still below 1.0, though it is advancing, with Asia leading. Kerins explained that a significant gross margin recovery is contingent on the return of the mass market, which is difficult to time due to persistent excess inventory throughout the supply chain.

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    Matthew Sheerin's questions to INSIGHT ENTERPRISES (NSIT) leadership

    Matthew Sheerin's questions to INSIGHT ENTERPRISES (NSIT) leadership • Q3 2024

    Question

    Matthew Sheerin of Stifel inquired about the dynamics behind the Q4 guidance, particularly the drivers for the expected lower gross margin, and asked for more detail on the impact of on-prem software partner consolidation.

    Answer

    CFO Glynis Bryan confirmed that Q4 revenue is expected to see very low single-digit sequential growth and that the gross margin will be lower, driven by both the SADA impact and product mix. President and CEO Joyce Mullen elaborated that the on-prem software issue was a reclassification due to a partner consolidation, moving revenue from a gross recognition basis (software) to a net fee basis (services), which was a one-time benefit in Q3. Bryan specified this partner change was the primary driver for the software revenue decline in the EMEA region.

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    Matthew Sheerin's questions to TTM TECHNOLOGIES (TTMI) leadership

    Matthew Sheerin's questions to TTM TECHNOLOGIES (TTMI) leadership • Q3 2024

    Question

    Matthew Sheerin from Stifel asked about the strength in the data center segment, requesting details on the revenue mix from hyperscalers and AI, customer concentration, and visibility into 2025. He also inquired about the financial impact and timeline for the Syracuse facility expansion.

    Answer

    CEO Thomas Edman reported that approximately 85% of the data center computing business is tied to hyperscalers and Generative AI, with concentration among 4-5 major customers. He noted solid visibility through Q1 2025 but found it difficult to forecast beyond that. CFO Daniel Boehle added that the Syracuse expansion is primarily a fiscal 2026 story with minimal P&L impact expected in the upcoming year.

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    Matthew Sheerin's questions to LITTELFUSE INC /DE (LFUS) leadership

    Matthew Sheerin's questions to LITTELFUSE INC /DE (LFUS) leadership • Q3 2024

    Question

    Matthew Sheerin asked for more details on the semiconductor business weakness, specifically regarding inventory days in the channel for MOSFETs and the expected timeline for normalization. He also inquired about the current pricing environment and whether Littelfuse is seeing any pressure.

    Answer

    President and CEO Dave Heinzmann clarified that the power semiconductor business has less distribution exposure and that channel inventories are not the primary issue. Instead, he believes industrial end customers may have an inventory overhang of both components and finished goods. Regarding pricing, Heinzmann stated that previous price increases have been resilient and 'sticky.' He described the current environment as a return to normal, with typical price-down dynamics in electronics and industrial, while in transportation, they are actively taking pricing actions to improve profitability.

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    Matthew Sheerin's questions to AVNET (AVT) leadership

    Matthew Sheerin's questions to AVNET (AVT) leadership • Q1 2025

    Question

    Matthew Sheerin of Stifel questioned the December quarter guidance for flattish sequential growth, particularly for the EMEA region, which is typically seasonally weaker. He also asked for drivers behind the low gross margin and why Avnet's inventory reduction has appeared to lag some competitors.

    Answer

    CEO Phil Gallagher explained that the flattish guidance for EMEA is based on coming off a very low sales base in the September quarter. CFO Ken Jacobson attributed the gross margin pressure primarily to the sales mix shift towards Asia and Farnell's performance, stating he expects margins to be flat to slightly up in the next quarter. Regarding inventory, Jacobson noted that the reported increase was largely due to foreign currency changes and end-of-quarter timing. Gallagher added that the excess inventory is concentrated with about a half-dozen suppliers and that the company is also taking some strategic, opportunistic inventory positions.

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    Matthew Sheerin's questions to CDW (CDW) leadership

    Matthew Sheerin's questions to CDW (CDW) leadership • Q3 2024

    Question

    Matthew Sheerin asked for more detail on client device growth, specifically the performance mix between public and corporate sectors and whether the prospect of AI PCs is causing customers to delay purchases. He also questioned the drivers behind the Q4 gross margin guidance being down year-over-year.

    Answer

    CEO Christine Leahy clarified that client device growth was strong across almost all end markets, including Corporate, with Small Business being the main exception due to cash preservation. CFO Albert Miralles added that growth is driven by refreshing aging fleets, not yet by AI PCs, which Leahy sees as a future accelerant. For Q4 margin, Miralles cited continued softness in higher-margin solutions and a more modest mix of netted down revenues compared to the outsized Q4 of last year.

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    Matthew Sheerin's questions to PLEXUS (PLXS) leadership

    Matthew Sheerin's questions to PLEXUS (PLXS) leadership • Q4 2024

    Question

    Matthew Sheerin asked about the drivers of the strong gross margin, questioning if business mix, such as a higher contribution from engineering services or the aerospace sector, was a significant factor beyond operational efficiencies.

    Answer

    President and CEO Todd Kelsey explained that improved contribution margin from a mix of services and customers, along with productivity gains, offset fixed cost deleveraging. He clarified that profitability is more dependent on the mix within customers rather than between sectors. EVP and COO Oliver Mihm added that higher-margin engineering solutions revenue is expected to increase as the fiscal year progresses. The engineering business is 'greater than $100 million' annually.

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    Matthew Sheerin's questions to CELESTICA (CLS) leadership

    Matthew Sheerin's questions to CELESTICA (CLS) leadership • Q3 2024

    Question

    Matthew Sheerin from Stifel asked for a breakdown of the low double-digit CCS growth guidance for 2025 between the Communications and Enterprise segments. He also questioned the competitive landscape and potential pricing pressure in the AI server business against strong North American and ODM rivals.

    Answer

    CFO Mandeep Chawla confirmed that the Enterprise segment is expected to be down in 2025 due to a program transition, implying Communications growth will be above 20%. President of CCS Jason Phillips addressed competition by highlighting Celestica's multi-generational experience at scale in complex custom AI/ML systems and its innovation at the system and rack level, which he believes is a key differentiator. SVP Stephen Dorwart added that while pricing is always a factor, Celestica differentiates on innovation and value, often securing lead partner status in dual-source situations.

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