October 3, 2025
End of Tax Credit Pushes Tesla’s Q3 Deliveries to Record High. Everyone knew the U.S. would be strong due to demand pull-forward, but just how strong was the question. Yesterday, we got the answer. TSLA…
October 1, 2025
Management continues to emphasize a strong ’26 opportunity-set for continued utility-scale solar gains, but we believe investors expect potential gas generation commentary to drive a possible +HSD % move from these levels. Tweaking our Gas…
September 29, 2025
Well, That’s Not Good for Canadian Solar and Jinko Solar. China’s August 2025 solar PV installations (Ex. 1) were cut in half versus last year, coming in at just 7.6GWac. Importantly, if this pace continues,…
September 28, 2025
We view Microsoft’s announcement of a new in-house thermal management system as a catalyst on an increasingly negative event path for Vertiv. While our competitors have been quick to point out the Microsoft solutions most…
September 23, 2025
Final Word. Bears have been reluctant to press ahead of both: (1) potential demand pull-forward in Q3 and Q4 as the 25D credit phaseout approaches, as well as (2) calls that TPO solar installations will…
September 22, 2025
We initiate coverage of Argan at HOLD with a PT of $251 (~3% downside) as investor expectations have run ahead of management’s ability to scale into what we agree is an generational demand for generation…
September 22, 2025
We initiate coverage of Primoris Services at BUY with a PT of $160 to highlight a shift in the utility capex cycle towards generation, and emphasize how PRIM’s strong market position and unique staffing capabilities…
September 17, 2025
Consensus hasn’t bothered to update its 3Q25E Tesla delivery estimate since early July – which tells you all you need to know about the rigor of Wall Street coverage here. We believe the Street’s Q3…
September 4, 2025
We view near-term underperformance as a buying opportunity ahead of a September conference season where management could announce a matching expansion. Reiterate BUY, PT to $757 – +31% upside from current levels. +30% capacity expansion…
August 29, 2025
The World Nuclear Association’s flagship gathering, the World Nuclear Symposium (“WNA”), kicks off next week. Historically, this is when much of the forward-years’ contracting for U₃O₈ supply gets done. The timing of Cameco’s production cut…
August 22, 2025
Canadian Solar: Are Investors Looking the Wrong Way? Canadian Solar reported another disappointing quarter, with Q2 revenue and earnings below expectations and management guiding Q3 and 2025 materially lower. While many of the “China ADR…
August 21, 2025
Is Tesla’s Valuation Justified When Applying the “Heroic” Assumptions from its Biggest Bulls? In this note, applying the public forecasts from some of Tesla’s most ardent bulls (i.e., Morgan Stanley), we attempt to address why…
August 19, 2025
We initiate coverage of Vertiv with a SELL rating and a $112 PT (-17% downside). While VRT has enjoyed a largely justified multi-year re-rate on the back of AI infrastructure tailwinds, we believe the stock…
August 15, 2025
The US Treasury Has Issued Guidance… and it Couldn’t Be Better News for the Residential Solar Space. While many thought President Trump’s Treasury department was going to kill the loophole that allowed residential solar companies…
August 12, 2025
Solid Results/Outlook. FSLR’s reported solid Q2 results, with both revs and EPS ahead of expectations. And, while the company recorded negative net bookings in 1H25 (due to 1.1GW of cancellations in Q2), FSLR has since…