Company Notes
February 23, 2023
NetApp’s (NTAP; $65.83; E/W) sales, product gross margins and Public Cloud annualized revenue run rates (ARR) continued to disappoint in an increasingly tough IT spending environment, which we warned about. NTAP noted further customer scrutiny…
February 23, 2023
CommScope (COMM; $7.36; O/P) reported Q4 non-GAAP EPS of $0.49, which was ahead of our consensus matching $0.46. Sales were $2,318mm, which compared to our $2,340mm and the Street’s $2,339mm. As per the variance table…
February 22, 2023
NetApp (NTAP; $65.83; E/W) reported FQ3 (Jan) non-GAAP EPS of $1.37, which was above our $1.32 and the Street’s $1.31 despite lower than expected sales ($1,526mm vs. our $1,613mm and the Street’s $1,609mm). Gross profits…
February 22, 2023
We reiterate our Outperform on the shares of ChargePoint (CHPT; $11.34) ahead of its FQ4 (Jan) results and outlook, scheduled for next Thursday (3/2 after market). The stock has declined 15% over the past week…
February 21, 2023
We stick with our somewhat below consensus EPS forecasts following our review of Corning’s (GLW; $34.61; E/W) recently filed 10-K. We 4also “stay on the sidelines” towards the shares given our expectations that any recovery…
February 21, 2023
We expect CommScope (COMM; $8.01; O/P) to post core Q4 results and 2023E outlook that at least lives up to Street expectations on Thursday (2/23 before market). We think this should be more than “enough”…
February 17, 2023
DoorDash (DASH; $66.89; E/W) continues to steadily outperform Street expectations, as per its Q4 print and 2023E outlook, which targets further improvements in EBITDA and free cash flows (FCF), while maintaining what appears to be…
February 16, 2023
DoorDash (DASH; $66.89; E/W) reported Q4 sales of $1,818mm (+7% QoQ and +40% YoY), which was ahead of our $1,790mm and the Street’s $1,769mm on adjusted EBITDA of $117mm (vs. our $106mm and consensus of…
February 16, 2023
We expect a “mixed bag” from NetApp (NTAP; $68.36; E/W) with its FQ3 (Jan) print on Wednesday (2/22 after market). We think FQ3E sales, operating margin and EPS come in around our $1,613mm (+5% YoY…
February 15, 2023
Yesterday (2/14), we attended Aptiv’s (APTV; $123.78; E/W) Investor Conference in Boston where management provided a detailed long-term vision for better monetizing its expansive product portfolio. To that end, management spent a great deal of…
February 10, 2023
We reduce our rating on Lyft shares (LYFT; $16.22) from Outperform to Equal-Weight after Q1E guidance disappointed the Street and management backed off prior 2024E EBITDA targets of $1B, established just two quarters ago, that…
February 9, 2023
Lyft (LYFT; $16.22; O/P) reported Q4 sales of $1,175mm (+12% QoQ and +21% YoY), which was ahead of our $1,155mm and the Street’s $1,154mm. Adjusted EBITDA was a loss of ($248mm) after the company revised…
February 9, 2023
We reviewed Aptiv’s (APTV; $117.97; E/W) 10-K, filed yesterday (2/8), which was timely given the company’s upcoming Investor Conference on Tuesday (2/14) in Boston. For example, the 10-K disclosed that just four OEMs drove 60%…
February 9, 2023
Last night, Flex (FLEX; $24.15; O/P) announced its Nextracker subsidiary, a leading provider of solar trackers, priced its IPO at $24 per share or above its originally proposed range of $20-23. Nextracker, which will trade…
February 9, 2023
Yesterday, Gerresheimer (GXI.DE; €75.35; NR), which is a maker of packaging and drug delivery devices for pharmaceutical, biotech, and cosmetic applications, announced a joint venture (JV) with Corning (GLW; $35.14; E/W) aimed at increasing customer…