Company Notes

We reiterate our Outperform on the shares of Jabil (JBL; $131.12) and raise our target from $150 to $160 after hosting investor meetings last week for management in Boston and New York, including CEO Mike…

We are surprised the shares of Western Digital (WDC; $66.43; O/P) did not move even higher late last week (+4% since Wednesday’s close vs. -17% since mid-July) for the valuation support provided from reports that…

Flex (FLEX; $41.30; O/P) announced the appointment on Friday (11/22) of Kevin Krumm as its new CFO effective January 6th. Mr. Krumm succeeds Jaime Martinex, who was serving effectively as interim CFO after Paul Lundstrom…

We think recent news flow out of Uber Technologies (UBER; $69.64; O/P) provides further support for the idea that the company can continue to generate healthy operating leverage, led by Mobility (~50% of gross bookings…

We adjust F2025/F2026E (Apr) EPS for NetApp (NTAP; $126.68; E/W) from $7.15/$8.00 to $7.35/$8.05 after the company produced a solid FQ2 (Oct) “beat and raise”. Importantly, NTAP now targets F2025E EPS of $7.20-7.40, up from…

NetApp (NTAP; $126.68; E/W) reported FQ2 (Oct) non-GAAP EPS of $1.87, which was ahead of our $1.80 and the Street’s $1.78 on basically as expected sales ($1,658mm vs. our $1,650mm and the Street’s $1,645mm). As…

Earlier this week, Dell Technologies (DELL; $135.90; O/P) announced some new artificial intelligence (AI) based servers, solutions and services, as part of its Dell AI Factory portfolio, which is basically aimed at enabling enterprises to…

Last night, Flex (FLEX; $37.64; O/P) announced it acquired privately held JetCool for undisclosed terms. JetCool, founded in 2019 and headquartered in Littleton, MA, has developed liquid cooling solutions for cloud, enterprise, and co-location data…

This morning, Jabil (JBL; $129.25; O/P) announced it signed a Memorandum of Understanding (MoU) with the Gujarat State Government of India, which follows on a separate MoU signed with the Tamil Nadu State of India,…

We remain comfortable with our estimates for NetApp (NTAP; $117.99; E/W) ahead of its FQ2 (Oct) results and outlook, scheduled for next Thursday (11/21 after-market). We see NTAP benefiting from at least a seasonal recovery…

This morning, Hyzon Motors (HYZN; $1.57) formally announced it successfully completed another trial of its refuse collection fuel cell electric truck, developed through a partnership with New Way Trucks, with Mt. Diablo Resource Recovery (MDRR),…

We reiterate our Outperform and raise our target from $150 to $160 on the shares of Dell Technologies (DELL; $134.53), ahead of its FQ3 (Oct) results and outlook, scheduled for November 26th (after market). We think…

Hyzon Motors (HYZN; $1.63) reported Q3 results, which demonstrated further how the company continues to hit on promised milestones for 2024E. Most importantly, Hyzon’s average monthly net cash burn rate in Q3 was ($8.2mm), which…

We adjust our 2024/2025E EBITDA for Maplebear, d/b/a Instacart (CART; $48.34; E/W), from $855mm (2.6% of GTV)/$960mm (2.7% of GTV) to $865mm (2.6% of GTV) and $975mm (2.8% of GTV) after the company reported solid…

Maplebear, doing business as Instacart, (CART; $48.34; E/W), posted Q3 adjusted EBITDA of $227mm (2.7% of GTV), which was ahead of our forecast of $211mm (2.6% of GTV) and the Street’s $212mm (2.6% of GTV)….