Company Notes

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…

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,…

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…

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…

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…

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…

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….

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…

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…

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…

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…

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…

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…

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…

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…