Company Notes


March 28, 2023

LYFT: Founders Step Down

By Steven Fox

Last night, Lyft (LYFT; $9.60; E/W) surprisingly announced that co-founders Logan Green (CEO) and John Zimmer (President) are stepping down from full-time executive management positions into non-executive roles as Chair and Vice Chair of the…

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March 27, 2023

LCID: On a More Manageable Road Now; Initiate with Outperform

By Steven Fox

We initiate on Lucid Group (LCID: $8.19) with an Outperform and a $11 target. We believe Lucid is at a critical juncture in its ambitious commercial development plans for a luxury branded electric vehicle based…

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March 21, 2023

MU: A Lot to Consider into FQ2E Print

By Steven Fox

We are adjusting our F2023/F2024E (Aug) EPS for Micron (MU; $58.63; E/W), scheduled to post FQ2E (Feb) results next Tuesday (3/28 after market), from losses of ($2.30)/($1.55) to ($2.35)/($1.75) to “catch up” with management’s most…

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March 20, 2023

PTRA: As Bad as It Gets?

By Steven Fox

Proterra (PTRA; $1.32; O/P) shares are still down 47% since releasing Q4 results on 3/15 and some guidance for 2023E, reflecting a combination of concerns that the company would breach its convertible debt covenants, resolved…

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March 16, 2023

JBL: Delivering When Others Can’t

By Steven Fox

Jabil (JBL; $78.37; O/P) produced a healthy FQ2 (Feb) sales, margin and EPS beat, held back somewhat by higher interest costs related mainly to some higher than expected inventories that we see proving highly transitory….

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March 16, 2023

JBL: First Look at FQ2 (Feb) Results and Outlook

By Steven Fox

Jabil (JBL; $80.33; O/P) reported FQ2 (Feb) “core” non-GAAP EPS of $1.88, which beat our $1.84 and the Street’s $1.85 on sales of $8,134mm (vs. our $8,000mm and the Street’s $8,089mm) and despite ~$0.05 of…

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March 15, 2023

MBLY: 10-K Tidbits

By Steven Fox

We refined our “bottoms up” work around our Mobileye Global (MBLY; $40.93; E/W) forecasts after reviewing the company’s recent 10-K filing. Although, there is no change to our 2023/2024E sales, gross margin, and EPS forecasts,…

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March 14, 2023

HYZN: Discloses Investigation Results

By Steven Fox

Last night, Hyzon Motors (HYZN; $1.00) announced that Parker Meeks was appointed to CEO on a permanent basis, effective immediately, after taking charge as interim CEO back in August of last year (“CEO Transition Announced”;…

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March 9, 2023

DCFC: Some Positive Nuggets in Full Financial Release

By Steven Fox

This morning, Tritium (DCFC; $1.66; O/P) provided full disclosure on its H2 of C2022 results and outlook, much of which was already discussed at its Analyst Day in January (“Analyst Day Highlights Manufacturing Progress”; 1/23)….

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March 9, 2023

JBL: Positives Should Again Outweigh Negatives in FQ2E Print

By Steven Fox

We reiterate our Outperform on Jabil shares (JBL; $84.84; O/P) ahead of its FQ2 (Feb) results and outlook, scheduled for next Thursday (3/16 before market). We are comfortable with our FQ2E sales, operating margin, and…

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March 8, 2023

GLW: Through the Visteon Auto Looking Glass

By Steven Fox

Yesterday, we attended Visteon’s (VC; $168.55; NR) Investor Day in New York, which among other things, provided further support for the idea that Corning’s (GLW; $34.42; E/W) Automotive Glass Solutions’ business is well positioned to…

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March 8, 2023

LAZR: Our Take on Luminar Day

By Steven Fox

We have had some time to reflect on last Tuesday’s (2/28) Luminar Day in Orlando, Florida, which we attended in-person. The meeting provided us an opportunity to catch up on the quickly expanding investment story…

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March 8, 2023

GLW: A Dense Fiber Conversation

By Steven Fox

Yesterday, we attended the Optical Networking and Communications Conference (OFC) in San Diego, where we toured Corning’s (GLW; $34.44; E/W) trade show booth and sat in on CEO Wendell Weeks’ Plenary Session. Our meetings highlighted…

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March 7, 2023

BHE: HQ Visit Reaffirms Long Term Targets

By Steven Fox

On Monday (3/6), we hosted an investor meeting in Tempe, AZ with Benchmark Electronics (BHE; $23.82; O/P) CEO Jeff Benck at its headquarters, after which we toured one of its newest electronics manufacturing services (EMS)…

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March 3, 2023

HYZN: Announces an Interesting Partnership

By Steven Fox

Earlier this week, Hyliion (HYLN; $2.80; NR) announced a new partnership with Hyzon Motors (HYZN; $1.25) to develop a prototype of a heavy-duty hydrogen-based fuel cell electric vehicle (FCEV). We think this news further highlights…

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