Company Notes

We bump up our 2026E EBITDA for Maplebear d/b/a Instacart (CART; $33.24; E/W) from $1.225B to $1.250B after the company produced generally solid Q4 results with Q1E EBITDA guidance that was in line with our…

We adjust our 2026E EPS for Belden (BDC; $150.91; E/W) from $7.70 to $7.75, vs. $7.54 in 2025, after the company produced some Q4 EPS upside with Q1E guidance that was generally in line with…

Belden (BDC; $142.23; E/W) reported Q4 non-GAAP EPS of $2.08, which beat our consensus matching $1.95 on some better-than-expected sales ($720mm vs. our and the Street’s $697mm). We estimate non-operating items were a $0.04 per…

We raise our 2026E EPS for Vertiv Holdings (VRT; $248.51; E/W) from $4.85 to $6.05 (+44% YoY) after the company produced a robust “beat and raise” that was accompanied by an “eye popping” year-end backlog,…

Vertiv Holdings (VRT; $199.62; E/W) reported Q4 non-GAAP EPS of $1.36, which was comfortably ahead of our $1.27 and the Street’s $1.29 on some better-than-expected sales of $2,880mm (vs. our $2,850mm and the Street’s $2,876mm)….

We stick with our 2026E EBITDA of $700mm for Lyft (LYFT; $16.85; O/P), which equates to another year of 30%+ profit growth, after the company produced Q4 EBITDA of $154mm (3.0% of gross bookings or…

Lyft (LYFT; $16.85; O/P) posted Q4 gross bookings of $5.074B, which compared to our $5.09B and the Street’s $5.07B, which in turn drove adjusted EBITDA of $154mm (3.0% of gross bookings or GB) that beat…

This morning, Mobileye Global (MBLY; $9.64; E/W) announced that its SuperVision and Surround ADAS technology platforms were selected by India-based OEM Mahindra & Mahindra, for at least six upcoming vehicle models, with production expected to…

We are raising our 2026E EPS for Amkor Technology (AMKR; $52.52; E/W) from $1.43 to $1.85 (vs. $1.50 in 2025, $1.43 in 2024, and a prior peak of $3.11 back in 2023). We note a…

Amkor Technology (AMKR; $52.52; E/W) reported Q4 EPS of $0.69, which was well ahead of our $0.43 and the Street’s $0.44 on sales of $1,888mm (vs. our $1,830mm and the Street’s $1,839mm), albeit including a…

This morning, Uber Technologies (UBER; $73.67; E/W) announced an agreement to acquire Getir, which currently operates food, grocery, retail, and water delivery services in Turkey, from Mubadala Investment Company. Importantly, this transaction is structured in…

The shares of Lyft (LYFT; $15.98; O/P) are down 35% from recent highs in mid-November, including -18% since January 8th when CEO David Risher reiterated in a LinkedIn post that the company still targets 2027E…

Uber Technologies (UBER; $73.92; E/W) produced gross bookings (GB) and adjusted EBITDA in Q4 that were ahead of our and Street expectations highlighting how the combined Mobility and Delivery platforms continue to penetrate a massive…

The shares of Flex (FLEX; $55.66; O/P) are down 16% today despite what we think was a healthy FQ3 (Dec) “beat and raise”, especially when it comes to recent operating margin expansion. Admittedly, it is…

We reiterate our Outperform and raise our target from $300 to $350 on the shares of WD Corporation (WDC; $290.24) and its new and streamlined branding after attending the company’s Innovation Day yesterday in New…