Company Notes


March 1, 2023

STX: Lightens the Opex Load a Bit More

By Steven Fox

Yesterday, Luminar Technologies (LAZR; $8.95; NR) announced it acquired Seagate’s (STX; $64.56; E/W) LiDAR (Light Detection and Ranging) program back in January. Terms of the transaction were not announced and this agreement was not previously…

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February 28, 2023

UBER: 10-K Tidbits

By Steven Fox

We reiterate our Outperform on the shares of Uber Technologies (UBER; $33.55) after reviewing the company’s 10-K, filed last Tuesday (2/21). The 10-K further highlighted the sizeable synergies between Mobility and Delivery, which was also…

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February 27, 2023

DASH: A Range of Implications to the Aldi Partnership

By Steven Fox

Last Thursday (2/23), DoorDash (DASH; $55.09; E/W) announced a new partnership with ALDI to offer on-demand same-day grocery delivery from 2,100+ ALDI stores across 38 U.S. states, which we think has a number of ongoing…

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February 24, 2023

DELL: Preparing for Some Bad News

By Steven Fox

We think Dell Technologies’ (DELL; $42.03; E/W) “early” F2024 (Jan) sales outlook from a few months ago proves optimistic with FQ4 (Jan) results on Thursday (3/2 after market). Recall, Dell’s initial F2024E sales thinking called…

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February 23, 2023

CHPT: Adds Another EV Partner

By Steven Fox

This morning, Fisker (FSR; $6.20; NR) announced that it selected ChargePoint (CHPT; $11.42; O/P) as its North American partner for electric vehicle (EV) public charging stations. Specifically, CHPT’s EV charging network can be used by…

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February 23, 2023

COMM: Delivering on Some NEXT Promises

By Steven Fox

We stick with our Outperform on CommScope shares (COMM; $8.68) after the company reiterated 2023E “core” EBITDA targets of $1.35-1.50B (ex-Home Networks) and delivered Q4 EBITDA upside while demonstrating healthy free cash flows (FCF) we…

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February 23, 2023

BDC: Surprising CEO Change

By Steven Fox

This morning, Belden (BDC; $79.94; E/W) surprisingly announced President and CEO Roel Vestjens resigned from his position for personal reasons. In our call this morning with management we did not gain any more color as…

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February 23, 2023

NTAP: Customer Budget Pressures Bite Harder

By Steven Fox

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…

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February 23, 2023

COMM: First Look at Q4 Results and Outlook

By Steven Fox

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…

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February 22, 2023

NTAP: First Look at FQ3 (Jan) Results and Outlook

By Steven Fox

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…

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February 22, 2023

CHPT: Expect Healthy Momentum with FQ4E Print

By Steven Fox

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…

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February 21, 2023

GLW: 10-K Tidbits

By Steven Fox

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…

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February 21, 2023

COMM: Core 2023E EBITDA Looks Solid into Earnings

By Steven Fox

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”…

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February 17, 2023

DASH: Sets a Healthy 2023E EBITDA Bar

By Steven Fox

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…

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February 16, 2023

DASH: First Look at Q4 Results and Outlook

By Steven Fox

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…

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