All Reports


November 4, 2022

DASH: An Intriguing Print

By Steven Fox

DoorDash (DASH; $47.61; E/W) produced some better than expected Gross Order Value (GOV), revenues, and EBITDA in Q3, including robust local currency growth from recently acquired Wolt Enterprises in Europe, which continues to go against…

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November 4, 2022

LYFT: Moving More Aggressively on the Cost Front

By Steven Fox

Yesterday, The Wall Street Journal reported that Lyft (LYFT; $13.72; O/P) is reducing its headcount by 13%, which was then confirmed by the company in an 8-K filing. By comparison, the company most recently disclosed…

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November 3, 2022

COMM: An Overreaction of Epic Proportions

By Steven Fox

CommScope (COMM; $9.53; O/P) shares plunged 26% today despite posting better than expected Q3 EBITDA while reiterating all prior EBITDA targets for its “core” business, ex-Home Networks (16% of Q3 sales), which management still plans…

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November 3, 2022

DASH: First Look at Q3 Results and Outlook

By Steven Fox

DoorDash (DASH; $47.61; E/W) reported Q3 sales of $1,701mm (+6% QoQ and +33% YoY), which was ahead of our $1,650mm and the Street’s $1,625mm on adjusted EBITDA of $87mm. Gross order value (GOV) was $13,534mm…

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November 3, 2022

APTV: First Look at Q3 Results and Outlook

By Steven Fox

Aptiv (APTV; $88.00; E/W) reported adjusted Q3 EPS of $1.28, which was well ahead of the Street’s $0.98 and our much more conservative $0.82 on a healthy sales beat ($4,614mm vs. the Street’s $4,331mm and…

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November 3, 2022

COMM: First Look at Q3 Results and Outlook

By Steven Fox

CommScope (COMM; $12.87; O/P) reported Q3 non-GAAP EPS of $0.50, which beat the Street’s $0.45 and was in line with our above consensus $0.50. Sales were $2,381mm, which compared to the Street’s $2,296mm and our…

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November 3, 2022

PTRA: Reaching a Critical Top Line Inflection Point

By Steven Fox

Proterra (PTRA; $5.87; O/P) produced Q3 sales of $96mm (+55% YoY), well above our $80mm and the Street’s $81mm, while reiterating full 2022E sales targets of $300-325mm (+24-34% YoY). At the same time, EBITDA losses…

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November 2, 2022

BDC: Holding Up Really Well

By Steven Fox

We raise 2022/2023E EPS for Belden (BDC; $71.02; E/W) from $6.00/$6.40 to $6.35/$6.60 after its Q3 results handily beat expectations. Specifically, Q3 EPS of $1.77 was ahead of our $1.55 and the Street’s $1.56 driven…

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November 2, 2022

TEL: Hits a Bit of a Speed Bump

By Steven Fox

We reduce F2023E (Sept) EPS for TE Connectivity (TEL; $113.52; E/W) from $7.60 to $6.80 (vs. $7.33 in F2022) after its basically as expected FQ4 results, albeit with puts and takes, came with FQ1E (Dec)…

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November 2, 2022

BDC: First Look at Q3 Results and Outlook

By Steven Fox

Belden (BDC; $70.34; E/W) reported Q3 non-GAAP EPS of $1.77, which was well ahead of our $1.55 and the Street’s $1.56 on a solid sales beat ($671mm vs. our $638mm and the Street’s $635mm). Recall,…

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November 2, 2022

TEL: First Look at FQ4 (Sep) Results and Outlook

By Steven Fox

TE Connectivity (TEL; $123.44; E/W) reported FQ4 (Sep) non-GAAP EPS of $1.88, which was slightly ahead of our $1.85 and the Street’s $1.87 on somewhat better sales ($4,359mm vs. our $4,203mm and consensus of $4,213mm)….

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November 1, 2022

UBER: EBITDA Momentum Continues

By Steven Fox

We reiterate our Outperform on the shares of Uber Technologies (UBER; $29.87) after another quarter of robust organic top line growth accompanied by an accelerated trajectory of EBITDA improvements, led by significant Delivery profit upside…

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November 1, 2022

COMM: Raise Price Target Ahead of Q3 Results

By Steven Fox

We raise our target on the shares of CommScope (COMM; $13.24; O/P) from $13 to $15 ahead of its Q3 results and outlook on Thursday (11/3 before market). We have increased confidence in management’s ability…

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November 1, 2022

UBER: First Look at Q3 Results and Outlook

By Steven Fox

Uber Technologies (UBER; $26.57; O/P) posted Q3 adjusted non-GAAP EBITDA of $516mm (6.2% of sales), which was comfortably ahead of our forecast of $450mm (5.6% of sales) and the Street’s $459mm (5.7% of sales). Sales…

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October 31, 2022

APTV: Recent OEM Production Provides Solid EPS Support

By Steven Fox

We think Aptiv’s (APTV; $91.07; E/W) 2022E guidance is on solid ground ahead of Q3 results and outlook on Thursday (11/3 before market). Recall, APTV targeted 2022E sales, operating margin, and EPS of $17.0-17.3B, 9.0-9.7%…

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