Company Notes

We raise our 2024/2025E EBITDA for Maplebear, doing business as Instacart (CART; $37.48; E/W), from $700mm/$790mm to $825mm/$915mm after it comfortably exceeded Q1 expectations on some better-than-expected seasonality with good execution that is translating into…

CommScope (COMM; $1.05; E/W) reported Q1 non-GAAP EPS losses of ($0.08), which were better than our ($0.19) and the Street’s ($0.22). Sales were $1,168mm, which was ahead of our $1,063mm and the Street’s $1,067mm, contributing…

We bump up our 2024/2025E EBITDA for Uber Technologies (UBER; $66.40; O/P) from $6.0B/$7.85B to $6.25B/$8.0B after the company produced some profitability metrics in Q1 results and with Q2E guidance that exceeded our modeling. However,…

Maplebear, doing business as Instacart, (CART; $37.48; E/W) posted Q1 adjusted EBITDA of $198mm (2.4% of GTV), which was well ahead of our forecast of $160mm (2.0% of GTV) and the Street’s $158mm (1.9% of…

Uber Technologies (UBER; $70.43; O/P) posted Q1 adjusted EBITDA of $1,382mm (3.7% of gross bookings), which beat our forecast of $1,310mm (3.5% of gross bookings) and the Street’s $1,313mm (3.5% of gross bookings). Revenues of…

We adjust our 2024/2025E adjusted EBITDA for Lyft (LYFT; $16.60; E/W) from $338mm/$465mm to $345mm/$465mm after it produced a solid Q1 top and bottom line beat that was accompanied by a healthy guidance update for…

Lyft (LYFT; $16.60; E/W) posted Q1 gross bookings of $3.69B, beating our consensus matching $3.58B, which in turn drove adjusted EBITDA of $59mm (1.6% of gross bookings) that also was ahead of our consensus-matching $55mm…

This morning, Hyzon Motors (HYZN; $0.58) unveiled its Class 8 heavy-duty hydrogen fuel cell refuse test vehicle for the North American market, which it co-developed with New Way Trucks, a large manufacturer of refuse equipment….

We adjust our 2024/2025E EBITDA for Lucid Group (LCID; $3.05; E/W) from losses of ($2.15B)/($1.70B) to ($2.3B)/($2.0B) after greater than expected EBITDA losses of ($598mm) in Q1, which is illustrated in the table below, and…

We assume Lyft’s (LYFT; $17.65; E/W) Q1 results and outlook, scheduled for Tuesday (5/7 after market), at least live up to Street expectations given indications of a still healthy U.S. travel environment, even with ongoing…

The shares of DoorDash (DASH; $114.31; E/W) declined 10% yesterday after the Street was disappointed with “only” some modest Q1 upside and Q2E EBITDA guidance that was below consensus estimate at the mid-point of its…

We raise 2024/2025E EPS for Belden (BDC; $88.91; E/W) from $5.60/$6.95 to $5.95/$7.05 after a healthy Q1 beat and Q2E guidance that lived up to Street expectations, which we think reflected a better-than-expected mix on…

The shares of Sensata (ST; $39.40; E/W) are now up 10% since its Q1 EPS print on Monday night (4/29), when it disclosed that it entered Cooperation and Information Sharing Agreements with Elliott Investment Management,…

We reiterate our Outperform and $100 target as we raise our 2024/2025E EPS for Aptiv (APTV; $77.79) from $5.80/$6.85 to $6.05/$7.70 after a solid Q1 beat as 2024E EPS guidance was revised favorably, mainly for…

Belden (BDC; $81.32; E/W) reported Q1 non-GAAP EPS of $1.24, which beat our $1.05 and the Street’s $1.06 on sales of $536mm (vs. our $513mm and the Street’s $514mm). Recall, BDC’s Q1 guidance called for…