All Reports

CommScope’s (COMM; $1.59; E/W) Q3 results and outlook “filled in the blanks” to its recent, badly timed negative pre-announcement, which was not overly surprising after prior news flow (“Another Major Disappointment”; 10/30). Specifically, COMM’s “core”…

CommScope (COMM; $1.57; E/W) reported Q3 non-GAAP EPS of $0.13, which was lower than our $0.17 and the Street’s $0.19. Sales of $1,600mm were as expected, as per its negative pre-announcement late last month (“Another…

We bump up 2023E and 2024E EBITDA for Lyft (LYFT; $10.72; E/W) from $190mm and $325mm to $210mm (1.5% of gross bookings, 4.5% of sales) and $350mm (2.3% of gross bookings, 7.0% of sales) after…

Lyft (LYFT; $10.72; E/W) reported Q3 sales of $1,158mm (+13% QoQ and +10% YoY), which was somewhat ahead of our $1,150mm and the Street’s $1,143mm. Adjusted EBITDA was $92mm (7.9% of sales), which was ahead…

We lower our rating on the shares of Lucid Group (LCID; $4.30) from Outperform to Equal-Weight due to our belief that management’s plan for a meaningful commercial ramp has been pushed out by a few…

We raise our 2023E and 2024E EBITDA for Uber Technologies (UBER; $49.75; O/P) from $3.8B and $5.5B to $4.0B and $5.7B after the company reported a healthy “across the board Q3 beat”, outside of some…

Uber Technologies (UBER; $48.14; O/P) posted Q3 adjusted EBITDA of $1,092mm (11.8% of sales), which was comfortably ahead of our forecast of $1,000mm (10.5% of sales) and the Street’s $1,018mm (10.7% of sales). Sales of…

This morning, Jabil (JBL; $126.68; O/P) announced it acquired, for undisclosed terms, privately held Retronix, which provides a suite of electronic component refurbishment services that cover a range of applications (e.g., aerospace/defense, automotive, industrial automation,…

This week, Jabil (JBL; $124.94; O/P) announced two agreements that highlight how the company continues to pursue a range of new opportunities in various higher margin services, where management believes it can provide a differentiated…

Yesterday, Lyft (LYFT; $9.94; E/W) and Uber Technologies (UBER; $46.48; O/P) each announced an agreement with the New York State Attorney General’s office to set a minimum wage standard for rideshare drivers, while maintaining that…

We further reduce 2023/2024E EPS for Belden (BDC; $62.73; E/W) from $6.90/$6.30 to $6.50/$5.05 after Q3 results jibed with its negative pre-announcement, albeit with Q4E guidance that suggested a more challenged financial picture in the…

We think yesterday’s 10% drop in the shares of Aptiv (APTV; $77.20; O/P), after a healthy Q3 EPS beat, proves a massive over reaction to some disappointing growth over market (GoM) rates we see driven…

We raise 2023E and 2024E adjusted EBITDA for DoorDash (DASH; $75.90; E/W) from $950mm/$1,100mm to $1,175mm/$1,525mm after its big “beat and raise” with Q3 results and outlook. Q3 EBITDA of $344mm (15.9% of sales) compared…

Aptiv (APTV; $86.08; O/P) reported adjusted Q3 EPS of $1.30, which handily beat our $1.15 and the Street’s $1.23 on sales of $5,114mm (vs. our $5,000mm and the Street’s $5,091mm). As per the table below,…

We adjust F2024E (Sep) EPS for TE Connectivity (TEL; $122.86; E/W) from $7.30 to $7.40 after FQ4 (Sep) results were slightly ahead of the Street and FQ1E (Dec) guidance was fairly consistent with expectations. FQ4…