CART: Still De-Risked into Q4 Print

We assume Maplebear, doing business as Instacart (CART; $23.94; O/P), can post Q4 results and guidance that are at least in line with Street expectations when the company reports next Tuesday (2/13 after market) given…

LYFT: More About the Journey or the Destination?

Lyft’s (LYFT; $12.70; E/W) Q4 print on 2/13 (after market) came with extra importance given management’s long-standing promise, since Erin Brewer joined as CFO on 5/16/23 (“And Now a New CFO”; 5/17/23), to offer up…

UBER: Time to Play the Expectations Game

We stick with our Outperform on the shares of Uber Technologies (UBER; $66.73) ahead of next Wednesday’s Q4 print (2/7 before market) and its virtual Investor Update on 2/14 (also before market). Admittedly, the “bar…

PSNY: More Financial Machinations Coming

Earlier today, Polestar (PSNY; $1.83; E/W) and Volvo Cars (VOLCAR.SE; KR34.54; NR) both publicly disclosed that Volvo intends to distribute its shares in Polestar to shareholders with Geely Sweden Holding being the primary recipient. Recall,…

NXT: Delivers Big Upside Surprise

Nextracker (NXT; $56.50; E/W) shares surged 25% today after the company produced a third consecutive quarter “beat and raise” since going public, albeit of an especially large magnitude. Specifically, FQ3 (Dec) EPS of $0.96 handily…

BHE: Margin Story Continues in Tough Environment

Benchmark Electronics’ (BHE; $28.28; O/P) Q4 results and Q1E guidance lived up to our expectations, further demonstrating potential for operating margins to move even higher in coming years on solid free cash flows (FCF). To…

FLEX: A Rock Solid FQ3 Print and Guide; Raise Target to $30

Flex (FLEX; $23.74; O/P) delivered FQ3 (Dec) results with an FQ4E (Mar) guidance that comfortably lived up to expectations, including its “core” remaining business after the recently completed spin of Nextracker (NXT; $45.27; E/W). Specifically,…

APTV: Targets Another Record Year; But Street is Disappointed?

We are very much surprised that Aptiv’s (APTV; $82.39; O/P) Q4 results and outlook did not dispel the excessive “hand wringing” weighing on the stock in recent months, especially at 14X our latest 2024E EPS,…

APTV: First Look at Q4 Results and Outlook

Aptiv (APTV; $86.72; O/P) reported adjusted Q4 EPS of $1.40, which beat our $1.34 and the Street’s $1.33 on sales of $4,919mm (vs. our $5,018mm and the Street’s $5,067mm). As per the table below, operating…

APH: Puts a Big Cherry on Top of Recent M&A Cake

This morning, Amphenol (APH; $102.78; E/W) announced it signed a definitive agreement to acquire Carlisle Companies’ (CSL; $320.38; NR) Interconnect Technologies business or CIT for $2.025B in cash, which makes the proposed transaction, the largest…

GLW: Signs Support Some Sort of Recovery

We adjust 2024E EPS for Corning (GLW; $33.30; E/W) from $2.00 to $1.95 after Q4 results lived up to expectations but Q1E guidance was on the disappointing side. GLW also “called the bottom” with its…

GLW: First Look at Q4 Results and Outlook

Corning (GLW; $31.15; E/W) reported Q4 “core” EPS of $0.39, which was in line with consensus and ahead of our $0.37 on slightly better than expected core sales ($3,272mm vs. our $3,255mm and the Street’s…

HYZN: Announces Interesting Delivery Milestone

Yesterday (1/25), Hyzon Motors (HYZN; $0.75) announced it delivered four heavy-duty hydrogen fuel cell electric vehicles (FCEVs) to Performance Food Group (PFGC; $70.89; NR), which is a large U.S. based food distributor and supplier with…

MBLY: Ready to Drive Up the Wall of Worry; Raise to Outperform

We raise our rating on the shares of Mobileye Global (MBLY; $28.13) from Equal-Weight to Outperform. Our recent meeting with management at the Consumer Electronics Show (CES) along with yesterday’s Q4 call supported the idea…

WDC: Demonstrates Pricing Power Inflection Point

Western Digital (WDC; $60.33; O/P) produced healthy upside to Street thinking with its FQ2 (Dec) results and outlook, which highlighted further supply discipline, incremental positives across most markets, including surprising growth in China, and solid…