Company Notes

We raise our F2024/F2025E (Mar) EPS for Nextracker (NXT; $35.44; E/W) from $1.20/$1.50 to $1.45/$1.75 after some healthy FQ4 (Mar) upside that came with guidance, which we think goes a long way to supporting its…

This morning, Tritium (DCFC; $1.03; O/P) offered up a positive update to its C2023E outlook, which we think reflects ongoing robust demand for its DC fast and ultra-fast chargers on top of solid execution around…

We reiterate our Outperform on the shares of Flex (FLEX; $21.14) after its healthy FQ4 (Mar) “beat and raise” even after considering the initially dilutive impacts from the recent IPO of Nextracker (NXT; $33.23; E/W)….

Flex (FLEX; $21.14; O/P) reported FQ4 (Mar) adjusted EPS of $0.57, which was well ahead of our consensus matching $0.51 on sales of $7,447mm that also beat our $7,231mm and the Street’s $7,222mm. By comparison,…

Last Friday (5/5), Belden (BDC; $80.76; O/P) opened a new Customer Innovation Center (CIC) in Chicago, as per plan. This is on top of its three other CIC locations in Stuggart, Germany (opened 2021), Santa…

We move our EBITDA forecasts higher for Proterra (PTRA; $1.46; O/P) after it reiterated 2023E sales targets of $450-500mm (+45-61% YoY) along with expectations that gross margins improve meaningfully in coming quarters as it ramps…

We think post-earnings news flow around Uber Technologies’ (UBER; $38.33; O/P) Delivery business, which we estimate generates 45% of 2023E gross bookings, provides further support for the idea that the company’s “get anything, anywhere” ambitions…

This morning, Volkswagen’s (VOW.DE; €153.55; NR) Porsche brand announced it entered into a strategic partnership with Mobileye Global (MBLY; $41.46; E/W) in which Porsche plans to integrate automated assistance and navigate on-pilot functionality into future…

Lucid Group (LCID; $7.11; O/P) delivered 1,406 vehicles in Q1, which generated $149mm of revenues for the company, as it also produced 2,314 vehicles during the quarter. By comparison, we were modeling Lucid Air sales…

We further reduce F2023/F2024E (Jun) EPS for Western Digital (WDC; $34.18; E/W) from losses of ($3.00) and ($1.15) to ($3.65) and ($3.90) after FQ4 (Jun) targets were again below Street thinking, albeit on the heels…

Western Digital (WDC; $34.24; E/W) reported FQ3 (Mar) non-GAAP EPS losses of ($1.37) ex-“one time” net charges of $0.45 per share, which compares to our ($1.60) and the Street’s ($1.57). Sales of $2.803B were above…

DoorDash (DASH; $62.90; E/W) produced some better than expected Gross Order Value (GOV), sales and EBITDA in Q1 while raising 2023E targets across these metrics as it maintains healthy investment rates. Q1 GOV was $15.9B…

The shares of Lyft (LYFT; $8.63; E/W) sunk 19% on Friday after it provided another less than satisfying outlook as part of its first investor call since David Risher took over as CEO (“Founders Step…

We raise our rating on the shares of Belden (BDC; $78.51) from Equal-Weight to Outperform after another much better than expected quarter on Wednesday that did not “skip a beat” for a recent CEO change…

We raise our rating on the shares of Aptiv (APTV; $92.05) from Equal-Weight to Outperform. The stock was -8% yesterday and is 24% lower since mid-February despite a positive Q1 print and reiterated 2023 outlook,…