Company Notes

We sat in on Aptiv’s (APTV; $102.57; O/P) Software Teach-In yesterday. The presentation and Q&A suggested to us that management has increased confidence in its ability to leverage last year’s $3.5B acquisition of Wind River’s…

We followed up with Nextracker (NXT; $41.89; E/W) after it introduced a suite of next-gen solar tracker hardware, software, and services at the RE+ 2023 conference in Las Vegas. We think these recent announcements highlight…

This morning, DoorDash (DASH; $83.00; E/W) announced a series of new grocery and alcohol delivery partnerships, ironically just as Maplebear, doing business as Instacart, plans its IPO for tonight under the ticker CART. We note…

Yesterday (9/15), Rivian’s (RIVN; $24.06; E/W) CEO RJ Scaringe presented at an investor conference, where among other things, the company highlighted plans to update its electronic and electrical vehicle architecture, for integration into its next-generation…

This morning, Maplebear, which is doing business as Instacart, raised its proposed IPO price range from $26-28 to $28-30. The company still plans to issue 22.0mm shares (14.1mm in a primary offering and 7.9mm in…

This week, Uber Technologies (UBER; $48.32; O/P) announced two new grocery partnerships, ironically well timed with the upcoming IPO of Maplebear (d/b/a Instacart), which we evaluated in a note yesterday (“Insta Analysis of CART”; 9/14)….

We reviewed S-1 filings of Maplebear, which is doing business as Instacart, and assembled a financial model, including a “first stab” at forecasts ahead of a proposed IPO under the ticker CART. Instacart, the largest…

We reduce our F2024E (Jun) EPS for Seagate (STX; $65.37; E/W) from a profit of $0.13 to a loss of ($0.03) to catch up with the management warnings last week at an investor conference that…

We lower our rating on ChargePoint (CHPT; $7.06) from Outperform to Equal-Weight after FQ2 (July) results disappointed even if we exclude an unexpected inventory write-down. CHPT also provided weaker than expected top and bottom-line targets…

This morning, Mobileye Global (MBLY; $37.23; E/W) announced that a set of autonomous driving features based on the company’s SuperVision platform have now been added to 110,000 ZEEKR 001 electric vehicles (EVs) in Hangzhou and…

Dell Technologies (DELL; $56.24; E/W) easily cleared its FQ2 (July) guidance bar on EPS of $1.74 (+4% YoY), beating our consensus matching $1.14 and its own $1.00-1.20. The beat was driven by much better-than-expected sales…

Polestar (PSNY; $3.33; O/P) announced full Q2 results this morning that were generally around our expectations outside of some noticeable gross margin disappointment. At the same time, the company shipped 15,765 vehicles during Q2, which…

This morning, Hyzon Motors (HYZN; $1.25) announced the successful completion of its first customer demonstration with a liquid hydrogen fuel cell electric vehicle (FCEV) in partnership with Chart Industries (GTLS; $177.63; NR). Recall, Hyzon announced…

Last night, Jabil (JBL; $103.22; O/P) surprised us when it announced a preliminary agreement for the sale of its Mobility business to BYD Electronic or BYDE (285.HK; HK$32.85; NR). Most recently, management estimated its Mobility…

Earlier this week, Aptiv’s (APTV; $97.22; O/P) Wind River business unit, acquired late last year for $3.5B, announced that Geely’s (175.HK; HK$9.51; NR) ZEEKR electric vehicle (EV) brand selected the Wind River Linux operating system…