Company Notes

We remain comfortable with our estimates for NetApp (NTAP; $117.99; E/W) ahead of its FQ2 (Oct) results and outlook, scheduled for next Thursday (11/21 after-market). We see NTAP benefiting from at least a seasonal recovery…

This morning, Hyzon Motors (HYZN; $1.57) formally announced it successfully completed another trial of its refuse collection fuel cell electric truck, developed through a partnership with New Way Trucks, with Mt. Diablo Resource Recovery (MDRR),…

We reiterate our Outperform and raise our target from $150 to $160 on the shares of Dell Technologies (DELL; $134.53), ahead of its FQ3 (Oct) results and outlook, scheduled for November 26th (after market). We think…

Hyzon Motors (HYZN; $1.63) reported Q3 results, which demonstrated further how the company continues to hit on promised milestones for 2024E. Most importantly, Hyzon’s average monthly net cash burn rate in Q3 was ($8.2mm), which…

We adjust our 2024/2025E EBITDA for Maplebear, d/b/a Instacart (CART; $48.34; E/W), from $855mm (2.6% of GTV)/$960mm (2.7% of GTV) to $865mm (2.6% of GTV) and $975mm (2.8% of GTV) after the company reported solid…

Maplebear, doing business as Instacart, (CART; $48.34; E/W), posted Q3 adjusted EBITDA of $227mm (2.7% of GTV), which was ahead of our forecast of $211mm (2.6% of GTV) and the Street’s $212mm (2.6% of GTV)….

Last Friday (11/8), the U.S. Department of Commerce announced it signed a preliminary memorandum of terms with Corning (GLW; $48.90; O/P) to provide up to $32mm in direct funding under the U.S. CHIPS and Science…

We modify 2024E and 2025E adjusted EBITDA for Lucid Group (LCID; $2.31; E/W) from losses of ($2.54B)/($2.11B) to ($2.44B)/($2.10B) after Q3 EBITDA losses of ($613mm) were less than our estimate of ($658mm), which compared to…

Last night, Aptiv (APTV; $55.64; E/W) announced that Joe Massaro, who has served as CFO since 2016, would move into a senior operations role as Vice Chairman, Engineered Components Group (ECG; interconnect and cable management…

We reinstate our Equal-Weight on the shares of CommScope (COMM; $5.20), after today’s 25% decline in the stock, which seemed to reflect concerns tied to news that negotiations with one group of creditors had ceased…

We reiterate our Outperform and raise our target from $16 to $21 on the shares of Lyft (LYFT; $14.40) after the company beat Q3 expectations and provided some better-than-expected Q4E guidance that reflected well on…

Lyft (LYFT; $14.40; O/P) posted Q3 gross bookings of $4.108B, which was ahead of our $4.07B and the Street’s $4.08B that in turn drove adjusted EBITDA of $107mm (2.6% of gross bookings) vs. our $93mm…

We think yesterday’s Q3 results and guidance from Lumen Technologies (LUMN; $8.87; NR) highlighted the Optical Technologies sales and profits tailwinds (30%+ of 2024E sales and nearly 40% of profits) that Corning (GLW; $48.30; O/P)…

Not surprisingly, the shares of Nextracker (NXT; $40.79; O/P) are trading down 7% today after the U.S. Presidential election raised investor questions around the ongoing availability of various solar industry benefits derived from the Inflation…

This morning, Mobileye Global (MBLY; $15.83; E/W) and Lyft (LYFT; $14.23; O/P) announced a partnership aimed at deploying MBLY’s autonomous driving system (e.g., Drive) as part of autonomous vehicles (AVs) to be engaged on LYFT’s…