Company Notes

We see Uber Technologies (UBER; $31.18; O/P) entering a period where “fundamental stars” should further align, which should bode well for the stock, especially after its 15% drop since posting Q4 results and guidance upside,…

We reviewed ChargePoint’s (CHPT; $10.02; O/P) 10-K, which was filed on Monday (4/3) for the fiscal year ending January 31st. The 10-K further highlighted the company’s leading scale in the still nascent battery electric vehicle…

Last night (4/4), Hyzon Motors (HYZN; $0.83) announced the appointment of Jiajia Wu, who currently serves as the company’s Chief Accounting Officer, as interim CFO while the company continues to search for a permanent CFO…

We establish an Equal-Weight on the shares of Nextracker (NXT; $33.55), a well-scaled, leading provider of solar trackers, which rotate solar panels to follow the sun’s movement for improved energy efficiencies. We see NXT’s prospects…

Yesterday (3/29), CommScope (COMM; $6.20; O/P) announced plans to further expand production of its fiber optic cables where we think industry demand likely exceeds supply for all of 2023E. We note this announcement comes on…

This morning, the South Carolina Department of Education announced plans to deploy 160 electric school buses, which will be powered by Proterra’s (PTRA; $1.51; O/P) battery technology, in school districts across the state over the…

This morning, Seagate (STX; $62.40; E/W) disclosed in an 8-K filing that it is proceeding with yet another round of cost actions, which we view as a negative indicator for its upcoming FQ3 (Mar) results…

The shares of Uber Technologies (UBER; $30.07; O/P) are now down 18% since the company produced a healthy non-GAAP EBITDA “beat and raise” with its Q4 results and outlook (“Posts Another EBITDA Beat”; 2/8). We…

Yesterday after the close, Lucid Group (LCID; $7.55; O/P) disclosed in an 8-K, which included an internal memo to employees from CEO and CTO Peter Rawlinson, plans to restructure and subsequently reduce headcount by approximately…

We reduce non-GAAP F2023/F2024E (Aug) EPS losses for Micron (MU; $59.28; E/W) from ($2.35)/($1.75) to ($4.35)/($1.95), including $1.9B of inventory write downs or the high end of our $1-2B estimate ($1.4B or $1.34 per share…

Last night, Lyft (LYFT; $9.60; E/W) surprisingly announced that co-founders Logan Green (CEO) and John Zimmer (President) are stepping down from full-time executive management positions into non-executive roles as Chair and Vice Chair of the…

We initiate on Lucid Group (LCID: $8.19) with an Outperform and a $11 target. We believe Lucid is at a critical juncture in its ambitious commercial development plans for a luxury branded electric vehicle based…

We are adjusting our F2023/F2024E (Aug) EPS for Micron (MU; $58.63; E/W), scheduled to post FQ2E (Feb) results next Tuesday (3/28 after market), from losses of ($2.30)/($1.55) to ($2.35)/($1.75) to “catch up” with management’s most…

Proterra (PTRA; $1.32; O/P) shares are still down 47% since releasing Q4 results on 3/15 and some guidance for 2023E, reflecting a combination of concerns that the company would breach its convertible debt covenants, resolved…

Jabil (JBL; $78.37; O/P) produced a healthy FQ2 (Feb) sales, margin and EPS beat, held back somewhat by higher interest costs related mainly to some higher than expected inventories that we see proving highly transitory….