Company Notes

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…

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…

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…

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…

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…

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…

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…

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…

Is Sunrun Counting on the IRS to Be as Inept with Safe Harboring as It Has Been with the Recursive ITC? Earlier this week, we highlighted Sunrun’s own guidance that its inventory will balloon from…

All 20 members of Tesla’s Dojo team – including its leader, Peter Bannon – have left the company to join a startup called DensityAI (yes, the entire team). Last night, we learned that the lion’s…

So, Despite: Reporting 2Q25A Op. Cash Flow of -$293mn (Cons. -$142mn), 2Q25A Free-Cash-Flow of -$985mn (Cons. -$565mn), The Trump Administration’s Ongoing Attempts to Shut Down the U.S. Solar Industry, Seeing All its Peers Recently Go…

Is Cameco “Unfairly” Benefitting from the Explosion in Gas Turbine Order Books Resulting from Simmering AI CAPEX Spend? Last week, Cameco reported 2Q25A rev/non-GAAP EPS of C$877mn/C$0.74 vs. GLJe’s ests. of C$801/C$0.43 (Cons C$825/C$0.34), or…

Are Western American Depository Receipt (“ADR”) Investors Missing the Forest for the Trees? Despite a plethora of incremental global poly-Si news (today/yesterday), because the Invesco Solar TAN ETF is down today (where NEXTracker, or the…

Our Take on Tesla’s 2Q25A Results. While TSLA reported Q2 top-line sales and non-GAAP adj. EPS that missed Cons. ests. – i.e., Cons. ests. that were revised sharply lower through 2Q25, lowering the “bar” for…

Our preview flagged incremental buyers waiting on the sidelines to buy this print – +LDD% move as of publication affirms both the viability of this narrative post-earnings AND the incrementality of this update. There just…