Company Notes

Lucid Group (LCID; $3.70; E/W) produced Q4 sales of $157mm (+14% QoQ and -39% YoY) after previously disclosing it delivered 1,734 vehicles in the quarter (+19% QoQ and -10% YoY). By comparison, we were modeling…

We reiterate our Outperform and $32 target on Flex (FLEX; $27.22) after reviewing this morning’s CQ4 results and outlook from Vertiv Holdings (VRT; $56.90; NR), which is a leading producer of uninterruptable power suppliers, power…

We maintain our EPS forecasts on Corning (GLW; $31.91; E/W) following our review of its recently filed 10-K, albeit with somewhat of a downward bias to our current modeling. This is due to a few…

We raise our 2024E EBITDA for DoorDash (DASH; $126.27; E/W) from $1.525B (2.0% of GOV) to $1.7B (2.2% of GOV) after the company provided initial 2024E guidance that encompassed our and Street thinking on the…

DoorDash (DASH; $126.27; E/W) reported Q4 sales of $2,303mm (+27% YoY), which was ahead of our $2,243mm and the Street’s $2,250mm on gross order value (GOV) of $17.64B (+22% YoY) in Q4 that was also…

Earlier today, Uber Technologies (UBER; $79.15; O/P) hosted a virtual Investor Update, which featured presentations from CEO Dara Khosrowshahi, CFO Prashanth Mahendra-Rajah, as well as Andrew Macdonald, SVP, Mobility and Business Operations; Pierre-Dimitri Gore-Coty, SVP,…

We bump up 2024/2025E adjusted EBITDA for Maplebear, doing business as Instacart (CART: $25.40; O/P) from $680mm (2.1% of GTV) and $770mm (2.3% of GTV) to $700mm (2.1% of GTV) and $790mm (2.3% of GTV)…

We adjust full year 2024E EBITDA for Lyft (LYFT; $12.13; E/W) from $350mm (2.3% of gross bookings) to $338mm (2.1% of gross bookings) after somewhat of a Q4 beat and Q1E guidance that was a…

We reiterate our Outperform and raise our target from $30 to $32 on the shares of Flex (FLEX; $26.65; O/P) after hosting investor meetings last Thursday (2/8) in Boston with CEO Revathi Advaithi, CFO Paul…

The shares of Belden (BDC; $83.23; E/W) surged 11% last week after a Q4 beat that came with Q1E guidance that jibed with the Street. The stock is now 33% “off the bottom” put in…

Belden (BDC; $74.50; E/W) reported Q4 non-GAAP EPS of $1.46, which was handily ahead of our consensus matching $1.13 on some better than expected sales ($551mm vs. our $527mm and the Street’s $522mm). We estimate…

This morning, Maplebear, doing business as Instacart (CART; $24.46; O/P) announced a new partnership with Amazon’s (AMZN; $170.53; NR) Whole Foods Market Canada to offer on-demand grocery delivery to consumers in Canada. Our checks suggest…

Uber Technologies (UBER; $70.65; O/P) posted Q4 results and provided Q1E guidance, which once again highlighted robust core growth, led by Mobility, supplemented by a range of new product initiatives and geographic expansion we have…

Uber Technologies (UBER; $70.47; O/P) posted Q4 adjusted EBITDA of $1,283mm (3.4% of gross bookings), which beat our forecast of $1,231mm (3.3% of gross bookings) and the Street’s $1,225mm (3.3% of gross bookings). Revenue of…

We are reducing our rating from Outperform to Equal-Weight on the shares of Sensata (ST; $33.06; E/W) after its latest in a series of disappointing financial updates. Admittedly, management’s latest Q4 EPS miss, and lower…