Company Notes
February 9, 2023
We raise 2023E EPS for Belden (BDC; $89.12; E/W) from $6.60 to $6.85 (+7% YoY) after the company produced a fairly solid “beat and raise”. Specifically, Q4 EPS of $1.75 was ahead of our $1.68…
February 8, 2023
Uber Technologies (UBER; $36.76; O/P) produced a healthy non-GAAP EBITDA “beat and raise”, which provided additional support for our $50 target. We think this is especially the case since we think a number of key…
February 8, 2023
We stick with Gross Order Value (GOV) and EBITDA forecasts for DoorDash (DASH; $62.53; E/W) ahead of Q4 results and outlook, scheduled for next Thursday (2/16 after market), which seem more reasonable after going through…
February 8, 2023
Belden (BDC; $82.97; E/W) reported Q4 non-GAAP EPS of $1.75, which was above our $1.68 and consensus of $1.66 on sales of $659mm (vs. our $648mm and the Street’s $645mm). Recall, BDC’s outlook called for…
February 8, 2023
Uber Technologies (UBER; $34.90; O/P) posted Q4 adjusted EBITDA of $665mm (7.7% of sales), which beat our $602mm (7.1% of sales) and the Street’s $624mm (7.3% of sales). Sales of $8,607mm were ahead of our…
February 6, 2023
Last Thursday (2/2), TechCrunch reported that Lyft (LYFT; $17.43; O/P) is planning to unveil a next-generation dockable e-scooter along with new docking stations, which it reported is planned to start rolling out later this month….
February 6, 2023
This morning, Dell Technologies (DELL; $41.41; E/W) disclosed in an 8-K, which included an internal memo to employees from Co-COO Jeff Clarke, that it is reducing headcount by ~5% across both Client Solutions Group (CSG;…
February 5, 2023
We reviewed Nextracker’s publicly available IPO roadshow presentations and S-1 filings ahead of Flex’s (FLEX; $24.42; O/P) plans to issue 23.26mm shares of Nextracker, before an overallotment option of up to another 3.49mm shares, which…
February 2, 2023
We adjust our 2023E EPS for Aptiv (APTV; $118.68; E/W) from $3.75 to $4.35 following a “mixed bag” of Q4 results and after the company introduced 2023E EPS targets of $4.00-$4.50 (vs. consensus of $4.58). From…
February 2, 2023
Benchmark Electronics (BHE; $28.66; O/P) produced solid Q4 EPS despite late quarter weakening in higher margin semi-cap equipment program demand (25% of 2022 sales), which is consistent with recent comments from other EMS providers, such…
February 2, 2023
Aptiv (APTV; $114.75; E/W) reported adjusted Q4 EPS of $1.27, which was ahead of our $1.21 and the Street’s $1.20 on sales of $4,640mm (vs. our $4,301mm and the Street’s $4,437mm). However, as per the…
February 2, 2023
Last night, Flex’s (FLEX; $23.78; O/P) Nextracker subsidiary filed an amended S-1 as part of plans for its IPO and Nasdaq listing under the symbol NXT. The filing disclosed FLEX plans to issue 23.26mm shares…
February 1, 2023
Lyft shares (LYFT; $16.30; O/P) still look attractive to us ahead of its Q4 results and outlook, scheduled for next Thursday (2/9 after market), even after considering a recent 48% YTD rally to 1.0X 2023E…
February 1, 2023
We expect Uber Technologies’ (UBER; $31.15; O/P) Q4 results and outlook, scheduled for Wednesday, February 8th (before market), to provide further support for our belief that its vast and expanding network is undervalued, especially given…
February 1, 2023
We make further cuts to F2023/F2024E (Jun) EPS for Western Digital (WDC; $43.95; E/W), from ($1.20)/$0.20 to ($2.40)/($0.40), after FQ2 (Dec) EPS, came in more or less in line with our recently reduced estimates but…