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SANM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Sanmina Corporation (SANM) stock moving?
Sanmina reported fiscal Q4 2026 results on Nov 9 that beat consensus clearly: adjusted EPS of $4.43 versus $3.27 expected and sales of $3.858B versus $3.478B. Management guided fiscal Q1 2027 adjusted EPS to $3.50-$3.85 (vs $2.82 est.) and sales to $3.8B-$4.1B (vs $3.421B est.), and FY2027 adjusted EPS to $15.50-$17.50 (vs $14.06 est.) and sales to $17.5B-$19.5B (vs $16.56B est.). These are substantial guidance raises across both periods and are the core fundamental driver. The stock had fallen from about $175 on Oct 28 to a $130.23 close on Nov 5 before rebounding. It rose 11.1% to $149.64 on Nov 9 and opened at $166.40 on Nov 10, with a high of $167.97, on volume of 3.44M, roughly three times the recent average. It then faded to a $155.43 close, which still leaves it about 15% above the Nov 5 low. The intraday reversal signals profit-taking near the high. JP Morgan kept a Neutral rating with a $230 price target, which sits well above the current price, though the target was lowered. The main risks are that guidance depends on execution, the stock has already re-rated sharply, and a single quarter's beat does not establish a durable trend.
News behind the analysis
- Sanmina Surges 20% After-Hours as Q4 Earnings Beat Estimates, Fiscal Q1 Outlook Tops ExpectationsSanmina shares surged after Q4 FY2026 earnings beat estimates and management issued an FY2027 outlook above expectations.
- JP Morgan Maintains Neutral on Sanmina, Lowers Price Target to $230JP Morgan kept its Neutral rating on Sanmina after the results and lowered its price target to $230.
- Sanmina Reports Fourth Quarter and Fiscal 2026 Financial ResultsSanmina reported fourth-quarter and fiscal 2026 results with revenue and earnings above analyst expectations.
- Sanmina Sees Q1 Adj EPS $3.50-$3.85 vs $2.82 Est; Sees Sales $3.800B-$4.100B vs $3.421B EstSanmina guided fiscal Q1 adjusted EPS to $3.50-$3.85 and sales to $3.8B-$4.1B, both above consensus.
- Sanmina Sees FY2027 Adj EPS $15.50-$17.50 vs $14.06 Est; Sees Sales $17.500B-$19.500B vs $16.560B EstSanmina guided FY2027 adjusted EPS to $15.50-$17.50 and sales to $17.5B-$19.5B, above the $14.06 and $16.56B consensus.
- Sanmina Q4 Adj. EPS $4.43 Beats $3.27 Estimate, Sales $3.858B Beat $3.478B EstimateSanmina's fourth-quarter adjusted EPS of $4.43 and sales of $3.858B both beat analyst estimates.
- Constellation Energy, NRG Energy and 3 Stocks to Watch Heading Into MondaySanmina was listed among companies reporting earnings that week, ahead of its results.
About Sanmina Corp
Sanmina is a San Jose-based contract manufacturer on the Fortune 500 list. It builds electronics, components and complete systems for other companies (original equipment makers) in industries such as industrial and energy, medical, defense and aerospace, automotive, communications networks, and cloud and AI infrastructure. It stands out for vertical integration, meaning it makes many of its own parts, such as circuit boards and enclosures, and its purchase of ZT Systems' data-center rack manufacturing business made it a much bigger supplier to hyperscalers (the largest cloud companies).
How it makes money
Most of its revenue comes from manufacturing contracts. Customers design their products, and Sanmina handles parts sourcing, circuit-board assembly, and building and testing full systems and data-center racks. The rest comes from its Components, Products and Services businesses, which include printed circuit boards, optical and mechanical parts, its own branded products, and repair, logistics and after-sale services. Margins in contract manufacturing are usually thin, so earnings depend heavily on sales volume, product mix and cost control.
What usually moves SANM
- Cloud and AI data-center spending by hyperscalers
- Demand from communications and networking customers
- Industrial, medical and defense end markets
- Ramp-up and margins of the ZT Systems business
- Tariffs, supply chains and big-customer concentration