All Reports


November 11, 2024

GLW: Secures More CHIPS Act Funding

By Steven Fox

Last Friday (11/8), the U.S. Department of Commerce announced it signed a preliminary memorandum of terms with Corning (GLW; $48.90; O/P) to provide up to $32mm in direct funding under the U.S. CHIPS and Science…

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November 11, 2024

Supply Chain Inventories Improve as New Questions Arise

By Steven Fox

Our latest look at aggregate inventories up and down the supply chain after the recent CQ3 results season suggested further progress towards “normalizing” inventories, especially at electronics manufacturing service (EMS) providers. However, we recognize that…

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November 8, 2024

LCID: Making Progress on Multiple Fronts

By Steven Fox

We modify 2024E and 2025E adjusted EBITDA for Lucid Group (LCID; $2.31; E/W) from losses of ($2.54B)/($2.11B) to ($2.44B)/($2.10B) after Q3 EBITDA losses of ($613mm) were less than our estimate of ($658mm), which compared to…

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November 8, 2024

APTV: Announces Intriguing CFO Change

By Steven Fox

Last night, Aptiv (APTV; $55.64; E/W) announced that Joe Massaro, who has served as CFO since 2016, would move into a senior operations role as Vice Chairman, Engineered Components Group (ECG; interconnect and cable management…

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November 7, 2024

COMM: We Finally See Some Terra Firma

By Steven Fox

We reinstate our Equal-Weight on the shares of CommScope (COMM; $5.20), after today’s 25% decline in the stock, which seemed to reflect concerns tied to news that negotiations with one group of creditors had ceased…

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November 7, 2024

LYFT: Key Strategic Efforts Continue to Come Together

By Steven Fox

We reiterate our Outperform and raise our target from $16 to $21 on the shares of Lyft (LYFT; $14.40) after the company beat Q3 expectations and provided some better-than-expected Q4E guidance that reflected well on…

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November 6, 2024

LYFT: First Look at Q3 Results and Outlook

By Steven Fox

Lyft (LYFT; $14.40; O/P) posted Q3 gross bookings of $4.108B, which was ahead of our $4.07B and the Street’s $4.08B that in turn drove adjusted EBITDA of $107mm (2.6% of gross bookings) vs. our $93mm…

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November 6, 2024

GLW: Some News Flow to Consider

By Steven Fox

We think yesterday’s Q3 results and guidance from Lumen Technologies (LUMN; $8.87; NR) highlighted the Optical Technologies sales and profits tailwinds (30%+ of 2024E sales and nearly 40% of profits) that Corning (GLW; $48.30; O/P)…

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November 6, 2024

NXT: Still Politically Oversold

By Steven Fox

Not surprisingly, the shares of Nextracker (NXT; $40.79; O/P) are trading down 7% today after the U.S. Presidential election raised investor questions around the ongoing availability of various solar industry benefits derived from the Inflation…

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November 6, 2024

MBLY: Announces Autonomous Partnership with Lyft

By Steven Fox

This morning, Mobileye Global (MBLY; $15.83; E/W) and Lyft (LYFT; $14.23; O/P) announced a partnership aimed at deploying MBLY’s autonomous driving system (e.g., Drive) as part of autonomous vehicles (AVs) to be engaged on LYFT’s…

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November 5, 2024

ST: End Markets Get Tougher; Margins Still Improving

By Steven Fox

We are reducing our 2024/2025E EPS for Sensata (ST; $31.78; E/W) from $3.50/$3.60 to $3.42/$3.40 after the company produced a basically as expected set of Q3 results, albeit with Q4E guidance that was below our…

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November 5, 2024

SANM: Solid Signs of a Sales Recovery

By Steven Fox

We stick with our Outperform and bump up our target from $85 to $87 on the shares of Sanmina (SANM; $72.80; O/P) after the company posted solid FQ4 (Sept) results and guidance, especially on the…

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November 4, 2024

HYZN: Successfully Completes Two More Trials

By Steven Fox

Over the past week, Hyzon Motors (HYZN; $1.69) disclosed two separate announcements about completed trials of its Class 8 200kW fuel cell electric truck with TALKE, a logistics solutions provider for the chemical industry, as…

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November 4, 2024

MBLY: Establishing a Solid Base for Long Term Growth

By Steven Fox

Mobileye Global (MBLY; $15.57; E/W) shares rose 25% last week after it reported Q3 results and provided guidance on Thursday morning (10/31) that offered support for the idea that management has found a stable base…

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November 1, 2024

DASH: Another Healthy Quarter of Execution

By Steven Fox

We adjust our 2024/2025E EBITDA for DoorDash (DASH; $155.82; E/W) from $1,875mm/$2,275mm to $1,900mm/$2,375mm (+60% and +25% YoY) after the company produced better than expected Q3 results with guidance that was basically in line with…

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