The author had previously recommended selling Tesla shares due to an overheating stock price rally, but with Tesla's recent 10% share price drop after missing Q1'23 earnings, the author now sees a buying opportunity. Tesla's aggressive lowering of product prices to spur demand could lead to eroding operating margins, but the author believes the company's valuation is attractive due to its aggressive focus on revenue growth, which may exceed consensus estimates. Tesla is currently valued at 4.0X FY 2024 revenues, with a 39% discount to the company's 1-year average P/S ratio, and has re-rating potential. While the biggest commercial risk for Tesla is eroding operating margins, the author believes an aggressive pricing strategy could drive EV demand and market share gains for the company. Despite potential margin risks, Tesla's operating margins are solid compared to the broader auto sector, and the company is still the best deal among US-based EV companies due to its size, scale, and profitability.

TCS Capital Management, an activist investor owning 4% of Yelp, is pressuring the company to explore strategic alternatives, including a potential sale to a strategic or financial acquirer. TCS Capital expects Yelp to fetch over $70/share in a potential sale, implying a 90%+ upside from current share price levels. Yelp's solid fundamentals, including high margins, strong growth, and solid balance sheet, support TCS Capital's valuation of the business at 12x 2024E EBITDA. Yelp might explore a merger with Angi, which would create a dominant player in the US home services market and lead to significant cost and revenue synergies. Yelp presents an interesting value play with a likely near-term catalyst, as activist TCS Capital has the potential to drive a company sale or reverse merger. The downside seems fairly well protected given the company's cheapness and strong business fundamentals.

The article discusses Innoviz, a leading player in the LiDAR industry for autonomous driving. Innoviz has the largest order book in the industry and is expected to have scale and cost leadership advantages. The LiDAR industry is expected to consolidate among two to three players, and Innoviz has a structural advantage with integrations with the top three autonomy platform players. Innoviz's unique perception software presents a huge opportunity for higher margin and recurring software revenues, and there are opportunities for cross-selling with the recently launched software product. Innoviz has a strong product portfolio with a focus on technology and continued innovation, relationships with leading OEMs, and solid intellectual property portfolio and software solutions, which will differentiate it from its competitors and help it win market share in the space. Innoviz has a structural advantage over peers in terms of seamless integration of hardware with software. Innoviz announced a new software product offering in its 1Q23 quarter, including the industry's first LiDAR-based minimum risk maneuver (MRM) system. Innoviz announced a new light commercial vehicle program with an accelerated timeline and expects it to contribute to revenues in the second half of 2023. The significant pre-production revenues and cash it will be receiving in the next two to three years will be key to providing the company the funding it needs for the next few years.

The author of the article applies a value investing approach to Zions, estimating a fair value of $50 based on near-term EPS of $5 and a 10 P/E ratio. Despite the current stock price being at $28, the author sees an 80% upside and recommends buying the stock. The article acknowledges the bad news surrounding Zions, including negative marks-to-market on securities and loan portfolios, uninsured deposit flight, potential capital requirement increases, rising deposit costs, and office loan defaults. However, the author considers the impact of this bad news on Zions' fair value and estimates a new fair value of $46, still suggesting a 65% upside and recommending buying the stock. The article discusses the potential risks and downsides but concludes that Zions' bad news should have largely faded in two years, and the author has a $45 target price on the $28 stock, recommending readers to buy it.