NXT: A Sunnier Story Than Street Appreciates

We believe the 24% decline in the shares of Nextracker (NXT; $46.12; O/P) since mid-June presents a major buying opportunity for investors. This should especially prove the case at 14X our C2025E EPS and 9X…

Another Regulatory Overhang Removed for Rideshare

Yesterday, Lyft (LYFT; $14.02; O/P) and Uber Technologies (UBER; $72.44; O/P) reached an agreement with the Massachusetts State Attorney General’s office to set a minimum wage standard and offer a range of benefits for rideshare…

MU: More Proof Points of Robust EPS Power

We raise our F2024/F2025E (Aug) EPS for Micron (MU; $142.36; O/P) from $0.90/$8.45 to a more than reasonable $1.20/$8.75, especially when it comes to pricing power and sales mix, after the company produced a solid…

MU: First Look at FQ3 (May) Results and Outlook

Micron Technology (MU; $142.36; O/P) reported FQ3 (May) non-GAAP EPS of $0.62, which beat our consensus matching $0.48 on higher-than-expected sales ($6,811mm vs. our $6,625mm and consensus of $6,669mm). Recall, Micron called for FQ3 sales…

APTV: Fundamental Concerns Reach New Heights

The shares of Aptiv (APTV; $66.02; O/P) have been extremely volatile YTD, including big swings between the mid-$80’s and a bottom ~$70, which was firmly punctured today on questions about the company’s software veracity (10-15%…

UBER: Expanding Its Efforts on Multiple Fronts

We think a wide range of recent news flow out of Uber Technologies (UBER; $70.35; O/P) generally supports the idea that the company can continue to generate healthy operating leverage, led by its Mobility offering…

UBER: Shows Further Commitment to Autonomous Tech

This morning, Aurora Innovation (AUR; $2.48; NR) and Uber Technologies’ (UBER; $71.79; O/P) Freight division announced an expansion of its three-year commercial pilot with the launch of Premier Autonomy, which is a newly formed program…

CART: Recent News to Consider

We think recent news flow out of Maplebear, doing business as Instacart (CART; $32.00; E/W), provides further support for longer term operating leverage available to the company from its high-margin advertising business, albeit in the…

DASH: More Moves on Alcohol Front

DoorDash (DASH; $110.70; E/W) recently disclosed it expanded on-demand alcohol delivery services with the addition of several grocers and liquor stores, including brands under the Ahold Delhaize banner, as it also introduced a new suite…

HYZN: Considering More Strategic Options

Last night, Hyzon Motors (HYZN; $0.36) announced it has started realigning the company’s strategic priorities to better focus on “core” North American Class 8 and refuse fuel cell electric vehicle (FCEV) platforms after a comprehensive…

Some Mixed European Vehicle Registrations

Yesterday, the European Automobile Manufacturers Association released car registration data from the region for the month of May, which was somewhat below seasonal trends including some weaker battery electric vehicle (BEV) registration trends that should…

JBL: Clearing All the Decks

We leave our F2024E (Aug) EPS for Jabil (JBL; $111.79; O/P) at $8.40 (-3% YoY) but lower F2025E EPS from $10.00 to $8.80 (+5% YoY) after FQ3 (May) lived up to Street expectations and management…

JBL: First Look at FQ3 (May) Results and Outlook

Jabil (JBL; $126.23; O/P) reported FQ3 (May) “core” non-GAAP EPS of $1.89, which was ahead of our consensus matching $1.85 on some sales upside ($6,765mm vs. our $6,500mm and the Street’s $6,525mm). Recall, JBL’s FQ3…

MU: More Support for Bullishness into FQ3 (May) Print

We raise our target on the shares of Micron (MU; $153.45; O/P) to $185 ahead of the company’s FQ3 (May) results and outlook, scheduled for next Thursday (6/26 after market). We believe recent supply chain…

APH: Bumping Up Estimates Mainly for M&A

We raise our post-stock split 2024/2025E EPS for Amphenol (APH; $68.80; E/W) from $1.70/$1.85 to $1.75/$1.97 for the recently completed acquisition of Carlisle Companies’ (CSL; $412.96; NR) Interconnect Technologies business or CIT as well as…