Company Notes

Uber Technologies (UBER; $36.52; O/P) remains a “top pick” across our coverage after it produced another healthy non-GAAP EBITDA “beat and raise”, which most importantly was led by healthy operating leverage on robust organic bookings…

Uber Technologies (UBER; $32.74; O/P) posted Q1 adjusted EBITDA of $761mm (8.6% of sales), which handily beat our forecast of $675mm (7.6% of sales) and the Street’s $689mm (7.9% of sales). Sales of $8,823mm were…

We think Aptiv’s (APTV; $102.67; E/W) full year 2023E EPS guidance of $4.00-4.50 is at least reiterated when the company reports Q1 results on Thursday morning (5/4). Our confidence comes from more recent evidence that…

This morning, Proterra (PTRA; $1.17; O/P) announced that CFO Karina Padilla, who joined the company in January of last year, plans to “step down” effective as of May 15th. Ms. Padilla will be succeeded by…

We stick with our sales, operating margin, and EPS forecasts for Benchmark Electronics (BHE; $21.35; O/P) ahead of its Q1 results on Wednesday (5/3 after market). We think new programs continued to ramp at a…

We see CommScope’s (COMM; $4.93; O/P) “core” 2023E EBITDA target of $1.35-1.50B (ex-Home Networks) “holding up” when it posts Q1 results on Thursday (5/4 before market). However, we are concerned consensus Q1E forecasts may not…

The shares of Mobileye Global (MBLY; $37.50; NR) are still down 13% since management guided 2023E sales and operating profit moderately lower yesterday morning. The stock is also 22% off its recent high of $48.11…

We like the “set up” for the shares of Uber Technologies (UBER; $29.70; O/P) ahead of Q1 results and outlook on Tuesday (5/2 before market), especially since the stock is -19% since a healthy non-GAAP…

We stick with our Gross Order Value (GOV) and EBITDA forecasts for DoorDash (DASH; $58.42; E/W) ahead of Q1 results and outlook, scheduled for next Thursday (5/4 after market). We expect Q1E EBITDA to land…

Frankly, it is hard to know what to fully expect when Lyft (LYFT; $10.20; E/W) hosts its Q1 call next Thursday (5/4 after market) given a recent CEO change (from co-founders to a Board member)…

We reduce F2023/F2024E (Sep) EPS for Plexus (PLXS; $88.04; E/W) from $5.50/$6.65 to $5.40/$5.95 after its second consecutive “beat and lower” quarter, albeit with much more volatility on both sides of the total EPS equation….

Mobileye Global (MBLY; $43.09; E/W) reported Q1 adjusted EPS of $0.14, which was ahead of our $0.11 and the Street’s $0.12 on sales of $458mm (+16% YoY and -19% QoQ). By comparison, we were modeling…

We reduce 2023/2024E EPS for Amphenol (APH; $73.91; E/W) from $2.92/$3.15 to $2.83/$3.05 after its relatively modest Q1 EPS beat ($0.69 vs. our $0.66 and the Street’s $0.67) that was accompanied by guidance, which for…

Plexus (PLXS; $88.49; E/W) reported FQ2 (Mar) non-GAAP EPS of $1.45, which beat our consensus matching $1.15 on some sales upside ($1,071mm vs. our $1,050mm and consensus of $1,046mm). Recall, PLXS’ FQ2 guidance called for…

We adjust our F2023/F2024E (Sept) EPS for TE Connectivity (TEL; $120.27; E/W) from $6.60/$7.50 to $6.50/$7.25 after some FQ2 (Mar) upside, albeit with another round of guidance that is below our and Street thinking. Specifically,…