Company Notes

Executive Summary We are upgrading Cleveland-Cliffs (“CLF”) to HOLD from SELL and raising our 12-month price target to $15.01 (from $9.03 prior). The upgrade reflects a material change in the evidence since our May 5,…

Bottom Line We reiterate our BUY rating on Nextpower (“NXT”) and raise our year-end 2026 price target to $149.44 (from $147) to reflect the strategically sound, accretive acquisition of Prevalon Energy. We do so, however,…

Modine Manufacturing’s recent F4Q update saw the OEM raise its LT 2028 guidance beyond its current capacity while announcing a volume commitment with an existing hyperscaler customer. We spoke to private co-vendors and competitors to…

We review the possible strategic implications of this morning’s announcement of Vera Rubin product cooperation with Siemens (SIE GY, not rated) and Fluence (FLNC, not rated), including likely hyperscaler target customers based on our channel…

Where Fair Value Lands Sum-of-the-parts fair value built on GLJ earnings estimates: ENPH $26.55 (61% below current $68.66), SEDG $20.35 (74% below current $77.08). Our valuation is anchored on GLJ’s published EPS forecasts (ENPH: $1.45…

Investment Thesis FSLR 1Q26 Earnings: The Cancellation Cliff Is Over, the Bear Case Is Broken, and the 232 Catalyst Is Locked/Loaded The headline: we were wrong on FSLR. When we moved this name to HOLD…

We revisit our ’27, ’28 estimates as nVent Electric validated our initation thesis of DC-driven upside to the long-term algorithm with a 10pt raise to organic ’26 topline guidance. We quantify surprising growth across the…

Bottom Line Up Front In the last five sessions SEDG appreciated +47.79% and ENPH +40.48%, against a −0.03% S&P 500. That is roughly 48 and 40 points of single-week alpha in two multi-billion-dollar equities with…

Executive Summary NXT delivered a clean F4Q26 beat across every line item that matters and raised FY27 revenue guidance more than we expected, but the optical headline of the print is overshadowed by what is,…

We see today’s theme-driven pull-back ahead of Legence’s impending earnings (earnings expected 7am Thursday 5/14) as an opportunity to own the most accelerative story in data EPC into a +10% topline guidance raise on earnings….

Investment Thesis & Summary We are reiterating our BUY rating on Cameco Corp. (CCO) but lowering our 12-month price target to C$152.60/share from C$171.20/share previously, an implied 7.3% reduction. Our slightly reduced target is derived…

Bottom Line: 1Q26 Was the Quarter the Bull Thesis Broke The simplest version of the “smart” bull thesis on RUN goes like this: “Don’t worry about GAAP free cash flow — RUN is willingly burning…

Executive Summary We reiterate our SELL rating on Cleveland-Cliffs (“CLF”) and reduce our 12-month price target to $9.03, from $9.42 prior, reflecting: (i) a sustained pattern of negative variances between management’s quarterly cost and ASP…

Powell Industries missed GAAP revs / GMs / EPS but we expect the focus to be on a single $400mm+ data center order we believe to be with a hyperscaler / colocation provider. POWL’s F2Q…

Expect Street to revise upwards after a clean beat & raise on strong incremental margins for key growth segment Systems Protection. NVT posted mid-30’s organic growth while raising the FY guide to low-20’s – we…