All Reports

This morning, Micron (MU; $90.44; E/W) announced it started volume production of its next generation high-bandwidth DRAM memory 3E (HBM3E) solution, which the company believes is well positioned to benefit from rising proliferation of generative…

Dell Technologies (DELL; $89.26; E/W) shares are up 17% YTD, including +10% since Wednesday’s close, ahead of the release of its FQ4 (Jan) results and outlook on Thursday (2/29 after market). We think recent optimism…

We think FQ3 (Jan) results and FQ4 (Apr) guidance from NetApp (NTAP; $86.03; E/W), scheduled for next Thursday (2/29 after market), are unlikely to change our F2024/F2025E (Apr) EPS thinking much given further evidence of…

Lucid Group (LCID; $3.70; E/W) produced Q4 sales of $157mm (+14% QoQ and -39% YoY) after previously disclosing it delivered 1,734 vehicles in the quarter (+19% QoQ and -10% YoY). By comparison, we were modeling…

We reiterate our Outperform and $32 target on Flex (FLEX; $27.22) after reviewing this morning’s CQ4 results and outlook from Vertiv Holdings (VRT; $56.90; NR), which is a leading producer of uninterruptable power suppliers, power…

This morning, the European Automotive Manufacturers Association released car registration data from the region for the month of January. Overall, European car registrations (15-20% of global demand) declined 3% MoM from December or right around…

We maintain our EPS forecasts on Corning (GLW; $31.91; E/W) following our review of its recently filed 10-K, albeit with somewhat of a downward bias to our current modeling. This is due to a few…

We raise our 2024E EBITDA for DoorDash (DASH; $126.27; E/W) from $1.525B (2.0% of GOV) to $1.7B (2.2% of GOV) after the company provided initial 2024E guidance that encompassed our and Street thinking on the…

DoorDash (DASH; $126.27; E/W) reported Q4 sales of $2,303mm (+27% YoY), which was ahead of our $2,243mm and the Street’s $2,250mm on gross order value (GOV) of $17.64B (+22% YoY) in Q4 that was also…

Earlier today, Uber Technologies (UBER; $79.15; O/P) hosted a virtual Investor Update, which featured presentations from CEO Dara Khosrowshahi, CFO Prashanth Mahendra-Rajah, as well as Andrew Macdonald, SVP, Mobility and Business Operations; Pierre-Dimitri Gore-Coty, SVP,…

We bump up 2024/2025E adjusted EBITDA for Maplebear, doing business as Instacart (CART: $25.40; O/P) from $680mm (2.1% of GTV) and $770mm (2.3% of GTV) to $700mm (2.1% of GTV) and $790mm (2.3% of GTV)…

We adjust full year 2024E EBITDA for Lyft (LYFT; $12.13; E/W) from $350mm (2.3% of gross bookings) to $338mm (2.1% of gross bookings) after somewhat of a Q4 beat and Q1E guidance that was a…

Our latest look at aggregate inventories up and down the supply chain suggested some more solid improvements towards a return of more normalized levels, although it is hard not to argue there remains “more inventory…

We reiterate our Outperform and raise our target from $30 to $32 on the shares of Flex (FLEX; $26.65; O/P) after hosting investor meetings last Thursday (2/8) in Boston with CEO Revathi Advaithi, CFO Paul…

The shares of Belden (BDC; $83.23; E/W) surged 11% last week after a Q4 beat that came with Q1E guidance that jibed with the Street. The stock is now 33% “off the bottom” put in…