Company Notes

We adjust our 2023E EBITDA forecasts for Lyft (LYFT; $11.56; E/W) from $233mm (5.6% of sales) to $190mm (4.4% of sales) after the company produced somewhat of a Q2 beat, albeit accompanied by some relatively…

Lyft (LYFT; $11.56; E/W) reported Q2 sales of $1,021mm (+2% QoQ and +3% YoY), which compared to our $1,000mm and the Street’s $1,022mm. Adjusted EBITDA was a profit of $41mm (4.0% of sales), which was…

We think Q2 results and updated guidance from Hyzon Motors (HYZN; $1.18) highlighted a combination of the company’s further commercial progress and renewed cost discipline as part of its broad restructuring under CEO Parker Meeks….

Lucid Group (LCID; $6.41; O/P) produced Q2 revenues that should have been expected given previously disclosed deliveries, albeit on EBITDA losses that we think hide notable manufacturing cost improvements and further expense discipline. At the…

We are removing our Outperform rating and dropping coverage on the shares of Proterra (PTRA; $1.43) after the management team, led by Chairman of the Board Roger Nielsen, who is a former CEO of Daimler…

This morning, Flex (FLEX; $27.03; O/P) disclosed in an 8-K that it received shareholder approval to purchase up to 20% of its issued and outstanding shares and that its Board authorized a new cap of…

The shares of Belden (BDC; $88.79; O/P) dropped 6% on Thursday after a solid “beat and meet”, despite the company continuing to prove out the significant potential of a detailed strategy shifting more revenues to…

We reiterate our Outperform, raise our target from $125 to $130, as we increase our 2023/2024E EPS for Aptiv (APTV; $109.58) from $4.45/$5.80 to $4.80/$6.00 after the company delivered an impressive “beat and raise”. Most…

We are reducing our rating on the shares of CommScope (COMM; $3.26) from Outperform to Equal-Weight after a much bigger Q2 “miss and lower” than we expected with our recent estimate cuts (“Reducing Estimates Ahead…

Belden (BDC; $94.05; O/P) reported Q2 non-GAAP EPS of $1.91, which comfortably beat our $1.75 and the Street’s $1.77 on sales of $692mm (vs. our $688mm and the Street’s $687mm). Recall, BDC’s outlook called for…

Aptiv (APTV; $106.28; O/P) reported adjusted Q2 EPS of $1.25, handily beating our $0.90 and the Street’s $1.01, on sales of $5,200mm, which were ahead of our $4,825mm and the Street’s $4,827mm. As per the…

CommScope (COMM; $4.42; O/P) reported Q2 non-GAAP EPS of $0.19, which badly missed our consensus matching $0.37. Sales were $1,918mm, below our $2,013mm and the Street’s $2,029mm, which led to disappointing operating profits and margins…

We raise our 2023E EBITDA for DoorDash (DASH; $85.98; E/W) for a fifth consecutive quarter, from $775mm to $950mm, while increasing 2024E EBITDA from $850mm to $1,100mm after some better than expected Q2 results and…

DoorDash (DASH; $85.98; E/W) reported Q2 sales of $2,133mm (+5% QoQ and +33% YoY), which was ahead of our $2,075mm and the Street’s $2,061mm. At the same time, adjusted EBITDA of $279mm (13.1% of sales)…

On Monday (7/31), Dell Technologies (DELL; $52.94; E/W) introduced a new set of solutions (e.g., IT infrastructure, PCs, professional services) aimed at helping enterprises build Generative AI (GenAI) models on-premises in a quick and secure…