Company Notes

The shares of Dell Technologies (DELL; $119.75; E/W) are surging 25%+ this morning on the back of a big wave of enthusiasm for the company’s AI opportunities, in the context of a healthy FQ4 (Jan)…

NetApp (NTAP; $108.44; E/W) shares are surging 20%+ this morning on the heels of a solid “beat and raise” off further momentum with its revamped all-flash array (AFA) product line that is driving an unexpected…

We reduce our 2024E EBITDA for CommScope (COMM; $1.27; E/W) from $1.08B to $650mm as management warned on further weakness across its business to start the new year after posting “core” Q4 EBITDA (ex-Home Networks)…

We think progress on profitability and cash burn should be the key focus when ChargePoint (CHPT; $2.00; E/W) reports FQ4 (Jan) results next Tuesday (3/5 after market) given targets to turn adjusted EBITDA positive by…

This morning, Micron (MU; $90.73; E/W) added to yesterday’s news on the much-discussed HBM3E front (“Advancing Its AI Case”; 2/26) with a couple of interesting announcements around its initiatives into mobile device markets (~25% of…

We think news around Uber Technologies’ (UBER; $78.36; O/P) CEO Dara Khosrowshahi recent visit to India further highlighted a global growth strategy that can continue to expand monthly active platform consumers (MAPCs; 150mm exiting 2023)…

This morning, Micron (MU; $90.44; E/W) announced it started volume production of its next generation high-bandwidth DRAM memory 3E (HBM3E) solution, which the company believes is well positioned to benefit from rising proliferation of generative…

Dell Technologies (DELL; $89.26; E/W) shares are up 17% YTD, including +10% since Wednesday’s close, ahead of the release of its FQ4 (Jan) results and outlook on Thursday (2/29 after market). We think recent optimism…

We think FQ3 (Jan) results and FQ4 (Apr) guidance from NetApp (NTAP; $86.03; E/W), scheduled for next Thursday (2/29 after market), are unlikely to change our F2024/F2025E (Apr) EPS thinking much given further evidence of…

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,…