Company Notes

Yesterday (12/16), Maplebear, d/b/a Instacart (CART; $42.18; E/W), announced it is now offering several new supplier and merchant solutions to Instacart Business users on its platform. Recall, CART’s higher margin Instacart Business offering allows customers…

The shares of Lyft (LYFT; $14.09; O/P) are down 23% since 11/12, including a more recent -13% since 12/10, which came on the heels of a report out of data analysis provider Yipit on Alphabet’s…

Yesterday, the shares of Western Digital (WDC; $65.99; O/P) declined 6% on the heels of CEO Dave Goeckeler and CFO Wissam Jabre presenting at an investor conference where the company called out that it is…

We continue to see the shares of Micron (MU; $99.43; O/P) as undervalued into its FQ1 (Nov) results and outlook, scheduled for next Wednesday (12/18 after market). We note the stock is +4% since an…

We think Jabil’s (JBL; $132.75; O/P) FQ1 (Nov) results and outlook, scheduled for next Wednesday (12/18 before market), should comfortably support the company’s full F2025E sales, operating margin and EPS outlook of $27.0B (+2% YoY…

On Tuesday (12/10), we attended Mobileye Global’s (MBLY; $16.98; E/W) Innovation Day in Munich, Germany, where we heard detailed presentations from CEO Amnon Shashua, CFO Moran Shemesh Rojansky, CTO Shai Shalev-Shwartz and EVP, Strategy &…

This morning (12/6), Uber Technologies (UBER; $65.23; O/P) announced it launched a ride-hailing partnership in Abu Dhabi, UAE with WeRide (WRD; $15.95; NR), an autonomous driving technology company. Interestingly, this announcement comes right on the heels of news yesterday that Alphabet’s (GOOG; $174.31; NR) Waymo One was expanding its autonomous rideshare app into Miami, which added to recent pressure on Uber’s share price (-10% yesterday and -25% since 10/11 vs. +12% YTD). However, keep in mind that …

Earlier this week, executives from Seagate (STX; $98.18; O/P) provided a few meaningful updates ahead of presenting at a couple of investor conferences, including that it: (1) cleared important product qualification hurdles tied to the…

We make relatively modest changes to our F2025 and F2026E (Jan) sales and EBITDA forecasts for ChargePoint (CHPT; $1.22; E/W) after the company reported some better-than-expected FQ3 (Oct) results and offered up FQ4E (Jan) sales…

We are reducing 2025E sales, operating profit, and EPS for Mobileye (MBLY; $17.54; E/W) ahead of the company’s upcoming Capital Markets Day in Munich, Germany on December 9-10th to better consider uncertainty around future shipments…

We are concerned that we may need to lower our F2025E/F2026E (Jan) sales and profitability forecasts somewhat further for ChargePoint (CHPT; $1.19; E/W) after the company reports its FQ3 (Oct) results on Wednesday (12/4 after…

We adjust our F2025E (Jan) EPS from $7.90 to $7.85 and reiterate our F2026E EPS of $9.25 for Dell Technologies (DELL; $141.74; O/P) after considering a range of “puts and takes” across the company’s FQ3…

Corning (GLW; $48.00; O/P) seems to be moving quickly to address recently raised concerns from the European Commission (EC) around the company’s position in the cover glass market. Recall, the EC announced earlier this month…

We are raising our target to $100 on the shares of Celestica (CLS; $85.60; O/P) to reflect some favorable recent data points that mainly suggest further momentum is likely in the company’s higher margin Hardware…

Amkor Technology (AMKR; $26.54; E/W) recently announced a strategic partnership with privately held Lightmatter, a photonic chips supplier, to develop a 3D-packaged chip complex that integrates more silicon in a single package. The partnership will…