Company Notes

We think the EPS bar for NetApp (NTAP; $77.52; E/W) is set at a reasonable level ahead of its FQ2 (Oct) results and outlook, which are set for Tuesday, November 28th (after market). We think…

Last Thursday (11/16), we attended the launch of Lucid’s (LCID; $4.25; E/W) Gravity at the Los Angeles Auto Show, which expands the company into a much larger market opportunity with an electric sport utility vehicle…

Last night, ChargePoint (CHPT; $3.13; E/W) negatively pre-announced a big top and bottom line miss to its FQ3 (Oct) guidance, which comes after the company just raised $232mm through an at-the-market facility on October 11th….

Earlier this week, Uber Technologies (UBER; $54.20; O/P) announced a series of improvements to its driver and courier app that are aimed at improving safety, enabling more efficient rideshare and delivery trips, while also addressing…

This morning, Western Digital (WDC; $46.03; O/P) announced it started volume shipments of its 10-disk 24TB conventional magnetic recording (CMR) HDDs to hyperscale and enterprise customers. At the same time, WDC disclosed it started ramping…

We think Hyzon Motors’ (HYZN; $1.08) Q3 print and forward-looking commentary demonstrates how management is making good progress along key commercial, technical and cash burn vectors. From a numbers perspective, Hyzon still sees free cash…

We are reducing our rating on the shares of Polestar (PSNY; $2.07) from Outperform to Equal-Weight after last Wednesday night’s Q3 results were somewhat of a “mixed bag” and Q4E guidance once again disappointed in…

We think the first post-IPO set of quarterly results from Maplebear, doing business as Instacart (CART; $24.48), further highlighted the viability for online grocery delivery platforms in general, and more specifically, the company’s competitive advantages…

CommScope’s (COMM; $1.59; E/W) Q3 results and outlook “filled in the blanks” to its recent, badly timed negative pre-announcement, which was not overly surprising after prior news flow (“Another Major Disappointment”; 10/30). Specifically, COMM’s “core”…

CommScope (COMM; $1.57; E/W) reported Q3 non-GAAP EPS of $0.13, which was lower than our $0.17 and the Street’s $0.19. Sales of $1,600mm were as expected, as per its negative pre-announcement late last month (“Another…

We bump up 2023E and 2024E EBITDA for Lyft (LYFT; $10.72; E/W) from $190mm and $325mm to $210mm (1.5% of gross bookings, 4.5% of sales) and $350mm (2.3% of gross bookings, 7.0% of sales) after…

Lyft (LYFT; $10.72; E/W) reported Q3 sales of $1,158mm (+13% QoQ and +10% YoY), which was somewhat ahead of our $1,150mm and the Street’s $1,143mm. Adjusted EBITDA was $92mm (7.9% of sales), which was ahead…

We lower our rating on the shares of Lucid Group (LCID; $4.30) from Outperform to Equal-Weight due to our belief that management’s plan for a meaningful commercial ramp has been pushed out by a few…

We raise our 2023E and 2024E EBITDA for Uber Technologies (UBER; $49.75; O/P) from $3.8B and $5.5B to $4.0B and $5.7B after the company reported a healthy “across the board Q3 beat”, outside of some…

Uber Technologies (UBER; $48.14; O/P) posted Q3 adjusted EBITDA of $1,092mm (11.8% of sales), which was comfortably ahead of our forecast of $1,000mm (10.5% of sales) and the Street’s $1,018mm (10.7% of sales). Sales of…