Sanmina: Solid Q2 Beat, Stock Remains A Bargain At Just 19x FY26 P/E

Sanmina remains a Buy, trading at 19x FY2026 P/E, a discount to AI and EMS peers despite a recent 63% rally. SANM's Q2 FY2026 EPS beat consensus by 31%, driven by ZT Systems' $1.8B revenue and early customer order pull-ins. Management's three-phase growth strategy targets $16B FY2027 revenue, with accelerated compute and the MI400 platform as key growth drivers.