Company Notes

We reiterate our Outperform and $100 target on the shares of Western Digital (WDC; $77.22) ahead of its FQ4 (Jun) results and outlook, which are scheduled for Wednesday, July 31st (after market). Most importantly, we…

We think underlying fundamentals behind Seagate’s (STX; $109.10; E/W) positive FQ4 (Jun) guidance update last month should comfortably support our and Street’s F2025E (Jun) forecasts, especially when it comes to gross margins, when it reports…

This morning, Lucid Group (LCID; $3.03; E/W) announced it delivered 2,394 vehicles (+22% QoQ and +71% YoY), while producing 2,110 vehicles (+22% QoQ and -3% YoY) during Q2. By comparison, our model called for Q2…

This morning, Hyzon Motors (HYZN; $0.34) announced it plans to cease operations in Australia and the Netherlands, while noting it remains focused on “core” North American Class 8 and refuse fuel cell electric vehicle (FCEV)…

We raise our above consensus 2024/2025E EPS for Corning (GLW; $38.44; O/P) from $2.00/2.33 to $2.07/2.40 on the back of this morning’s positive Q2 guidance update. By comparison, we note that the Street was only…

The shares of Mobileye (MBLY; $27.89; O/P) have again dramatically reversed course in recent weeks and are -14% since 6/10 (vs. +3% for the S&P 500). We think the Street remains concerned with MBLY’s competitive…

We believe the 24% decline in the shares of Nextracker (NXT; $46.12; O/P) since mid-June presents a major buying opportunity for investors. This should especially prove the case at 14X our C2025E EPS and 9X…

We raise our F2024/F2025E (Aug) EPS for Micron (MU; $142.36; O/P) from $0.90/$8.45 to a more than reasonable $1.20/$8.75, especially when it comes to pricing power and sales mix, after the company produced a solid…

Micron Technology (MU; $142.36; O/P) reported FQ3 (May) non-GAAP EPS of $0.62, which beat our consensus matching $0.48 on higher-than-expected sales ($6,811mm vs. our $6,625mm and consensus of $6,669mm). Recall, Micron called for FQ3 sales…

The shares of Aptiv (APTV; $66.02; O/P) have been extremely volatile YTD, including big swings between the mid-$80’s and a bottom ~$70, which was firmly punctured today on questions about the company’s software veracity (10-15%…

We think a wide range of recent news flow out of Uber Technologies (UBER; $70.35; O/P) generally supports the idea that the company can continue to generate healthy operating leverage, led by its Mobility offering…

This morning, Aurora Innovation (AUR; $2.48; NR) and Uber Technologies’ (UBER; $71.79; O/P) Freight division announced an expansion of its three-year commercial pilot with the launch of Premier Autonomy, which is a newly formed program…

We think recent news flow out of Maplebear, doing business as Instacart (CART; $32.00; E/W), provides further support for longer term operating leverage available to the company from its high-margin advertising business, albeit in the…

DoorDash (DASH; $110.70; E/W) recently disclosed it expanded on-demand alcohol delivery services with the addition of several grocers and liquor stores, including brands under the Ahold Delhaize banner, as it also introduced a new suite…

Last night, Hyzon Motors (HYZN; $0.36) announced it has started realigning the company’s strategic priorities to better focus on “core” North American Class 8 and refuse fuel cell electric vehicle (FCEV) platforms after a comprehensive…