Daily Brief United States: Intuitive Machines , Lattice Semiconductor, Avangrid , Boeing Co, Pvh Corp, BioAge Labs, Sherwin Williams Co and more

• Intuitive Machines is at the forefront of space exploration, specializing in lunar services and infrastructure, with a strong reliance on governmental contracts such as NASA.
• The company’s recent $4.82 billion Near Space Network contract with NASA solidifies its standing as a critical player in the burgeoning space economy.
• Intuitive Machines is uniquely positioned in the market with its lunar lander capabilities, data transmission services, and autonomous lunar operations.

• It’s an exciting time when your favorite semiconductor CEO comes out of “retirement” to return as a CEO.
• Mine is personally Ford Tamer, who drove Inphi to ship the best DSP in the market against much larger competitors at a much faster pace.
• In my opinion, Inphi was almost a miracle story in semiconductors. It was a literal David versus Goliath, and the man who led the team was Ford.

• The deal has now got green light from the SEC, FERC, Maine Public Utilities Commission, and seal of approval from ISS and Glass Lewis.
• Pending are the approval of the New York Public Service Commission and shareholder approval (GM on September 26, which should just be a formality).
• Spread is 0.46%/3.48% (gross/annualised) based on the closing share price of September 18 and assuming both a prorated dividend of $0.1467 and settlement on November 8. Long and tender.

• Boeing, a giant in the aerospace and defense industry, continues to find itself at the center of financial and operational turmoil.
• Recent updates on its second-quarter 2024 earnings call revealed deep-rooted challenges exacerbated by a striking workforce and continued production slowdowns.
• Yet, despite these hurdles, Boeing remains a critical player in the global aerospace market, buoyed by its extensive order backlog and future growth prospects.

• We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men’s with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.
• Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.

• BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.
• Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.
• I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.

• Sherwin Williams offers a 6.9% yield for the next four years or more through a diversified portfolio of bonds.
• The company is a leader in the paint and coatings industry, with a focus on professional painters and industrial applications.
• Sherwin Williams has a long history and has been a quiet compounder, compounding earnings at 14% per year over the last 20 years.

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