Company Notes

We reiterate our Outperform and $50 target on the shares of Corning (GLW; $40.26) after hosting a virtual investor meeting with Ann Nicholson, Vice President of Investor Relations, on Wednesday (8/14). Most importantly for us,…

Recent news flow out of Maplebear, doing business as Instacart (CART; $32.01; E/W), provides further support for the idea that the company is enabling a wider range of avenues for deepening relationships with existing retail…

Hyzon Motors (HYZN; $0.08) reported Q2 results, which generally lived up to our expectations on a continuing operations basis. Most importantly, Hyzon’s average monthly free cash flow (FCF) burn rate in Q2 was ($9.2mm) or…

We reiterate our Outperform on the shares of Sanmina (SANM; $69.48) after hosting an investor meeting in San Jose, CA with CEO Jure Sola and CFO Jon Faust, where we also had the opportunity to…

After the close on Friday (8/9), Flex (FLEX; $29.29; O/P) filed an 8-K in which it disclosed that it had received shareholder approval to purchase up to another 20% of the company’s shares outstanding, in…

CommScope’s (COMM; $2.79; NR) Q2 results and outlook “filled in a number of the blanks” to the company’s recent positive pre-announcement (“Pre-Announces Big Q2 Upside”; 7/29). To that end, COMM total company sales and non-GAAP…

The shares of Lyft (LYFT; $9.08; O/P) plunged 17% yesterday as Q3E guidance proved a disappointment to the Street after some better-than-expected Q2 results. We think the guidance proved especially tough for the stock to…

Lyft (LYFT; $10.97; O/P) posted Q2 EBITDA of $103mm (2.6% of gross bookings) that beat our consensus-matching $98mm (2.4% of gross bookings). At the same time, gross bookings of $4.02B were slightly below our $4.05B…

We raise our 2024/2025E EBITDA for Maplebear, doing business as Instacart (CART; $31.43; E/W) from $825mm/$915mm to $855mm/$960mm after it produced a solid “beat and meet” while warning that a recent YTD acceleration in top…

We reiterate our Outperform on the shares of Uber Technologies (UBER; $64.87) and raise 2024/2025E EBITDA from $6.25B/$8.0B to $6.38B/$8.03B after the company delivered a clean “beat and raise” that demonstrated a still robust growth…

Maplebear, doing business as Instacart, (CART; $31.43; E/W) posted Q2 adjusted EBITDA of $208mm (2.5% of GTV), which beat our forecast of $185mm (2.3% of GTV) and the Street’s $187mm (2.3% of GTV). Sales of…

Uber Technologies (UBER; $58.48; O/P) posted Q2 adjusted EBITDA of $1,570mm (3.9% of gross bookings), which beat our forecast of $1,475mm (3.7% of gross bookings) and the Street’s $1,515mm (3.8% of gross bookings). Revenues of…

We modify our 2024 and 2025E adjusted EBITDA for Lucid Group (LCID; $3.00; E/W) from losses of ($2.3B)/($1.9B) to ($2.5B)/($2.1B) after Q2 EBITDA losses of ($648mm) exceeded our estimate of ($525mm), vs. ($598mm) in Q1and…

We raise our adjusted 2024/2025E EBITDA for DoorDash (DASH; $117.23; E/W) from $1,650mm /$2,050mm to $1,850mm/$2,275mm after the company produced a healthy “beat and raise” with Q2 results and outlook. DASH produced Q2 gross order…

We reiterate our Outperform and $65 target on the shares of Nextracker (NXT; $46.83; O/P) after its FQ1 (Jun) print came in substantially ahead of our and Street thinking reflecting still robust demand for its…