NXT: Demonstrating Its Differentiation; Raise Rating to Outperform

We raise our rating on the shares of Nextracker (NXT; $43.01) from Equal-Weight to Outperform and establish a $60 target after its big FQ4 (Mar) adjusted EBITDA “beat and raise”, which came on further backlog…

CLS: When Stars Align with the Cloud; Initiate with Outperform

We initiate coverage with an Outperform and $60 target on the shares of Celestica (CLS; $48.00), an electronics manufacturing services (EMS) provider, which after completing a portfolio transformation in 2021 is now well focused on…

BHE: Reduce Rating to Equal-Weight After Big Stock Move

We are reducing our rating on the shares of Benchmark Electronics (BHE; $41.09) from Outperform to Equal-Weight after the stock price has now well exceeded our prior target and is now trading at valuation levels…

UBER: Makes a Move to Expand in Taiwan

Last night, Uber Technologies (UBER; $64.99; O/P) announced it signed an agreement to acquire Delivery Hero’s (DHER.DE; €31.92; NR) foodpanda delivery business in Taiwan (foodpanda Taiwan) for $950mm in cash. We think this announcement further…

HYZN: Making More Commercial Progress

Hyzon Motors (HYZN; $0.54) reported Q1 results and offered up a range of conference call commentary that suggests it remains on a solid commercial path, including a more efficient use of cash. Specifically, Hyzon recognized…

More YoY Supply Chain Inventory Progress

Our latest look at aggregate inventories up and down the supply chain suggested some more YoY improvements towards a return of more normalized inventories, albeit in the context of some typical seasonal increases in March…

COMM: Suspending Rating Pending Balance Sheet Resolution

We are suspending our investment opinion on the shares of CommScope (COMM; $1.19) since a looming $1.3B debt maturity in June of 2025E has still yet to be resolved, as part of its highly leveraged…

CART: Q1 Beats on Better Seasonality

We raise our 2024/2025E EBITDA for Maplebear, doing business as Instacart (CART; $37.48; E/W), from $700mm/$790mm to $825mm/$915mm after it comfortably exceeded Q1 expectations on some better-than-expected seasonality with good execution that is translating into…

COMM: First Look at Q1 Results

CommScope (COMM; $1.05; E/W) reported Q1 non-GAAP EPS losses of ($0.08), which were better than our ($0.19) and the Street’s ($0.22). Sales were $1,168mm, which was ahead of our $1,063mm and the Street’s $1,067mm, contributing…

UBER: Stock Too Focused on the Small Things

We bump up our 2024/2025E EBITDA for Uber Technologies (UBER; $66.40; O/P) from $6.0B/$7.85B to $6.25B/$8.0B after the company produced some profitability metrics in Q1 results and with Q2E guidance that exceeded our modeling. However,…

CART: First Look at Q1 Results and Outlook

Maplebear, doing business as Instacart, (CART; $37.48; E/W) posted Q1 adjusted EBITDA of $198mm (2.4% of GTV), which was well ahead of our forecast of $160mm (2.0% of GTV) and the Street’s $158mm (1.9% of…

UBER: First Look at Q1 Results and Outlook

Uber Technologies (UBER; $70.43; O/P) posted Q1 adjusted EBITDA of $1,382mm (3.7% of gross bookings), which beat our forecast of $1,310mm (3.5% of gross bookings) and the Street’s $1,313mm (3.5% of gross bookings). Revenues of…

LYFT: Builds on Recently Improved Execution

We adjust our 2024/2025E adjusted EBITDA for Lyft (LYFT; $16.60; E/W) from $338mm/$465mm to $345mm/$465mm after it produced a solid Q1 top and bottom line beat that was accompanied by a healthy guidance update for…

LYFT: First Look at Q1 Results and Outlook

Lyft (LYFT; $16.60; E/W) posted Q1 gross bookings of $3.69B, beating our consensus matching $3.58B, which in turn drove adjusted EBITDA of $59mm (1.6% of gross bookings) that also was ahead of our consensus-matching $55mm…

HYZN: Unveils Refuse Truck for North American Market

This morning, Hyzon Motors (HYZN; $0.58) unveiled its Class 8 heavy-duty hydrogen fuel cell refuse test vehicle for the North American market, which it co-developed with New Way Trucks, a large manufacturer of refuse equipment….