All Reports

We expect a “mixed bag” from NetApp (NTAP; $68.36; E/W) with its FQ3 (Jan) print on Wednesday (2/22 after market). We think FQ3E sales, operating margin and EPS come in around our $1,613mm (+5% YoY…

This morning, the Biden Administration announced a series of actions aimed at supporting the massive buildout of an electric vehicle (EV) charging network across the U.S, which is the latest in a running string of…

Yesterday (2/14), we attended Aptiv’s (APTV; $123.78; E/W) Investor Conference in Boston where management provided a detailed long-term vision for better monetizing its expansive product portfolio. To that end, management spent a great deal of…

Our latest look at aggregate inventories up and down the supply chain, across OEMs, component makers, EMS providers, and distributors (26 companies with $81B in annual inventories ex-Apple at the end of CQ4), offered early…

We reduce our rating on Lyft shares (LYFT; $16.22) from Outperform to Equal-Weight after Q1E guidance disappointed the Street and management backed off prior 2024E EBITDA targets of $1B, established just two quarters ago, that…

Lyft (LYFT; $16.22; O/P) reported Q4 sales of $1,175mm (+12% QoQ and +21% YoY), which was ahead of our $1,155mm and the Street’s $1,154mm. Adjusted EBITDA was a loss of ($248mm) after the company revised…

We reviewed Aptiv’s (APTV; $117.97; E/W) 10-K, filed yesterday (2/8), which was timely given the company’s upcoming Investor Conference on Tuesday (2/14) in Boston. For example, the 10-K disclosed that just four OEMs drove 60%…

Last night, Flex (FLEX; $24.15; O/P) announced its Nextracker subsidiary, a leading provider of solar trackers, priced its IPO at $24 per share or above its originally proposed range of $20-23. Nextracker, which will trade…

Yesterday, Gerresheimer (GXI.DE; €75.35; NR), which is a maker of packaging and drug delivery devices for pharmaceutical, biotech, and cosmetic applications, announced a joint venture (JV) with Corning (GLW; $35.14; E/W) aimed at increasing customer…

We raise 2023E EPS for Belden (BDC; $89.12; E/W) from $6.60 to $6.85 (+7% YoY) after the company produced a fairly solid “beat and raise”. Specifically, Q4 EPS of $1.75 was ahead of our $1.68…

Uber Technologies (UBER; $36.76; O/P) produced a healthy non-GAAP EBITDA “beat and raise”, which provided additional support for our $50 target. We think this is especially the case since we think a number of key…

We stick with Gross Order Value (GOV) and EBITDA forecasts for DoorDash (DASH; $62.53; E/W) ahead of Q4 results and outlook, scheduled for next Thursday (2/16 after market), which seem more reasonable after going through…

Belden (BDC; $82.97; E/W) reported Q4 non-GAAP EPS of $1.75, which was above our $1.68 and consensus of $1.66 on sales of $659mm (vs. our $648mm and the Street’s $645mm). Recall, BDC’s outlook called for…

Uber Technologies (UBER; $34.90; O/P) posted Q4 adjusted EBITDA of $665mm (7.7% of sales), which beat our $602mm (7.1% of sales) and the Street’s $624mm (7.3% of sales). Sales of $8,607mm were ahead of our…

We think a range of news flow over the past few weeks further suggests to us that electric vehicle (EV) charging infrastructure spending remains robust even in the face of ongoing macro uncertainty, which we…