Company Notes


June 26, 2023

LCID: First Proof Point on Tech’s Intrinsic Value

By Steven Fox

This morning, Lucid Group (LCID; $5.55; O/P) announced a long-term strategic technology supply agreement with Aston Martin Lagonda (AML.GB; £3.62; NR), which we think strongly supports the idea that there is significant intrinsic value in…

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June 23, 2023

GLW: Fireside Chat Highlights How Auto Content Can Rise

By Steven Fox

Yesterday (6/22), we hosted a “fireside chat” during our virtual Transportation Technology Conference with Corning’s (GLW; $33.96; E/W) Mike Kunigonis, VP and General Manager of Auto Glass Solutions, and Ann Nicholson, who is VP of…

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June 23, 2023

HYZN: Fireside Chat Highlights Re-Launched Business

By Steven Fox

Yesterday (6/22), we hosted the CEO of Hyzon Motors (HYZN; $0.95), Parker Meeks, at our Transportation Technology Conference. The meetings highlighted the company’s major restructuring, now in place, towards a much more focused, “asset lite”…

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June 23, 2023

JBL: Fireside Chat Supports a Further Bull Case

By Steven Fox

Yesterday (6/22), we hosted a “fireside chat”, as part of our Transportation Technology Conference, with Jabil’s (JBL; $103.85; O/P) Steve Borges, EVP and CEO of Diversified Manufacturing Services (DMS; ~50% of sales); Chad Morley, SVP,…

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June 22, 2023

PSNY: CTO Chat Highlights Benefits of Partnered Approach

By Steven Fox

On Tuesday (6/20), we hosted a “fireside chat” at our Transportation Technology Conference with Polestar’s (PSNY; $3.61; O/P) Chief Technology Officer Jörg Brandscheid, who was joined by Bojana Flint, Head of IR. The conversation highlighted…

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June 22, 2023

PTRA: CEO Fireside Chat Highlights Competitive Advantages

By Steven Fox

On Tuesday (6/20), we hosted a “fireside chat” with Proterra’s (PTRA; $1.23; O/P) CEO Gareth Joyce at our Transportation Technology Conference. The discussion highlighted further how extremely important it is to the stock that management…

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June 21, 2023

MBLY: Fireside Chat Highlights Leadership Position

By Steven Fox

We hosted a “fireside chat” for Mobileye Global’s (MBLY; $36.61; E/W) Chief Communications Officer Dan Galves yesterday as part of our Transportation Technology Conference. The conversation provided support for what we think are MBLY’s well-defined…

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June 21, 2023

ST: Fireside Chat Highlights De-Risked Growth Story

By Steven Fox

We reiterate our Outperform on Sensata (ST; $44.66) after hosting the company’s VP of Finance and IR, Jacob Sayer, for a “fireside chat” yesterday as part of our Transportation Technology Conference. We think the conversation…

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June 21, 2023

DCFC: Fireside Chat Further Points to an Undervalued Business

By Steven Fox

We hosted a “fireside chat” yesterday at our Transportation Technology Conference with Tritium’s (DCFC; $1.02; O/P) CFO Rob Topol. The conversation emphasized some highly underappreciated aspects to the company’s business model and its robust future…

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June 21, 2023

CHPT: Misconceptions Create Buying Opportunity

By Steven Fox

We hosted a “fireside chat” yesterday with ChargePoint’s (CHPT; $7.93; O/P) CEO Pasquale Romano, as part of our Transportation Technology Conference, which we think highlighted a range of significant investor misconceptions around the business we…

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June 20, 2023

MU: Adjusting Near Term Model for CAC Ban

By Steven Fox

We reduce our below consensus F2023/F2024E (Aug) EPS for Micron (MU; $67.66; E/W), ahead of its FQ3E (May) results and outlook, scheduled for June 28th (after market). Our model changes primarily begin to consider a…

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June 16, 2023

UBER: Moving Ahead at a Fast Pace

By Steven Fox

This week, Uber Technologies (UBER; $43.36; O/P) added further to a lengthy list of strategic actions taken Q2-to-date, which we see adding further confidence to its ability to continue to generate healthy operating leverage and…

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June 15, 2023

JBL: Riding a Healthy Set of Secular Drivers

By Steven Fox

We bump up our F2023E (Aug) EPS for Jabil (JBL; $104.64; O/P) after another solid “beat and raise”, driven by its profitable focus on healthy secular trends and working capital benefits from reducing inventories, which…

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June 15, 2023

JBL: First Look at FQ3 (May) Results and Outlook

By Steven Fox

Jabil (JBL; $99.69; O/P) reported FQ3 (May) “core” or non-GAAP EPS of $1.99, which beat our $1.93 and the Street’s $1.87 on better than expected sales of $8,475mm (vs. our $8,225mm and the Street’s $8,199mm)….

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June 14, 2023

PSNY: Model Mix Magic to Consider

By Steven Fox

We are adjusting our model for Polestar (PSNY; $3.81; O/P) to better incorporate our expectations around vehicle model mix, which as we have previously highlighted, can be worth ~800bps towards longer term gross margin targets…

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