Company Notes


April 21, 2023

UBER: Further Monetizes Investments

By Steven Fox

This morning, Uber Technologies (UBER; $31.32; O/P) filed an 8-K in which it disclosed it completed the sale of its remaining 29% equity stake in MLU B.V., which is its joint venture (JV) with Yandex…

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April 20, 2023

HYZN: Adds to Executive Team

By Steven Fox

This morning, Hyzon Motors (HYZN; $0.86) announced it appointed Dr. Bappa Banerjee as the company’s first Chief Operating Officer (effective May 1st). Dr. Banerjee will oversee Hyzon’s global operations, manufacturing, engineering, commercial and supply chain,…

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April 20, 2023

STX: Seeing More Headwinds Ahead

By Steven Fox

We are cutting F2023/F2024E (Jun) EPS further for Seagate (STX; $57.08; E/W) after the company produced an FQ3 (Mar) “miss and lower” that more than confirmed our ongoing concerns around cloud and IT spending, customer…

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April 20, 2023

STX: First Look at FQ3 (Mar) Results and Outlook

By Steven Fox

Seagate (STX; $62.86; E/W) reported FQ3 (Mar) non-GAAP EPS that was a loss of ($0.28) on sales of $1,860mm, which was well below our recently lowered estimate for a profit of $0.22 (on sales of…

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April 18, 2023

TEL: Not Expecting Enough Positive Catalysts

By Steven Fox

We think TE Connectivity (TEL; $127.75; E/W) produces FQ2 (Mar) results that at least live up to our consensus matching expectations when it reports next Wednesday (4/26 before market). This is mainly because we think…

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April 18, 2023

APH: Incremental Challenges to Consider into Q1 Print

By Steven Fox

We assume Amphenol (APH; $78.25; E/W) posts a third consecutive “beat and lower” quarter when it releases Q1 results and outlook next Wednesday (4/26 before market) led by our concerns, albeit within a mix bag…

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April 18, 2023

DCFC: An Interesting Kiwi Deal

By Steven Fox

Yesterday (4/17), Tritium (DCFC; $1.15; O/P) announced it entered into a partnership with Jump Charging, which is a provider of electric vehicle charging and green hydrogen fueling infrastructure for commercial fleet applications in New Zealand….

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April 18, 2023

ST: Another Buying Opportunity into Print

By Steven Fox

We think Sensata (ST; $47.20; O/P) again offers reasonable risk/reward into its Q1E print, which is scheduled for next Tuesday (4/25 before market). The stock has retreated 13% in recent weeks (vs. -1% for S&P…

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April 18, 2023

GLW: What Kind of Bottom Does the Stock Need?

By Steven Fox

We assume Corning (GLW; $34.74; E/W) meets our and Street Q1E expectations, while providing a Q2E outlook that basically lives up to investor thinking, when it reports next Tuesday (4/25 before market). This should especially…

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April 17, 2023

MBLY: Bar Seems Well Set for Q1 Print

By Steven Fox

We think Mobileye Global (MBLY; $43.13; E/W) produces Q1 sales, margins, and EPS that comfortably live up to Street expectations, which, per the table below, are moderately above our forecasts. Importantly, we think MBLY demonstrates…

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April 14, 2023

LCID: Some Thoughts on Q1 Deliveries

By Steven Fox

Last night (4/13), Lucid Group (LCID; $8.25; O/P) announced it produced 2,314 vehicles during Q1 at its manufacturing facility in Casa Grande, Arizona, which is above the Street’s estimate of ~1,900 but modestly below our…

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April 13, 2023

WDC: Some Catch Up Estimate Cuts

By Steven Fox

We are increasing our F2023E (Jun) EPS losses for Western Digital (WDC; $37.66; E/W) from ($2.40) to ($3.00) ahead of the company’s FQ3 (Mar) results and outlook, which we assume are on deck for some…

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April 13, 2023

STX: Lowering Some Expectations Ahead of FQ3 Print

By Steven Fox

We reduce F2023E (Jun) EPS for Seagate (STX; $64.64; E/W) from $1.70 to $1.40 ahead of its FQ3 (Mar) results and outlook, scheduled for next Thursday (4/20 after market). We think FQ3E sales, already assumed…

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April 12, 2023

APTV: More on the Software Front to Consider

By Steven Fox

We continue to think it is important to benchmark Aptiv’s (APTV; $104.45; E/W) broader entry into software, per its recent $3.5B acquisition of Wind River, against the well-established real time operating system (RTOS) position of…

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April 12, 2023

PSNY: Designed for Scale; Initiate with Outperform

By Steven Fox

We initiate on the shares of electric vehicle maker Polestar Automotive (PSNY; $3.84) with an Outperform rating and price target of $7. The stock has now declined 68% over the past year to a valuation…

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