October 17, 2024
We See a Significant Q3 Adj.-EPS Miss on Deck, as Well as Q3 Free Cash Flow of -$18mn vs. the Current Cons. Est. of +$1.635bn. Based on the analysis herein, we believe TSLA is slated…
October 8, 2024
SolarEdge Still Boasts 4 BUYS, 28 HOLDS, w/ just 5 SELLS (despite collapsing -78.2% YTD vs. +19.4% for the S&P 500 YTD), and an Avg. Forward 12-Month Price Target of $32.45 (i.e., +58.9% upside from…
September 24, 2024
Things Would Be Even Worse Without TSLA’s 1.99% 6yr APR Financing Offer in U.S./Canada. Based on the latest China data from early this morning (discussed below), updates from the 6 countries that report daily sales…
September 24, 2024
Things Would Be Even Worse Without TSLA’s 1.99% 6yr APR Financing Offer in U.S./Canada. Based on the latest China data from early this morning (discussed below), updates from the 6 countries that report daily sales…
September 20, 2024
So, Where Do We Stand on Fortescue and How Did its FY24 Results Impact our Outlook? Our SELL rating on FMG has been predicated on our negative 2024E-25E outlook for iron ore prices, as well…
September 12, 2024
What Are Our European “On-the-Ground” Contacts Saying About the State of Solar Demand in Europe? Following comments from our meetings at RE+ in Anaheim, CA this week (link), we had the opportunity to catch up…
September 10, 2024
We Acknowledge Enphase has Entered its Recovery Phase… But Does that Make it a BUY? Enphase reported 2Q24 sales of $303.5mn, missing Consensus’ est. of $309.9mn, but guided 3Q24E to $390mn (at the mid-point), suggesting…
September 9, 2024
U.S. Steel’s Stock Price has Come Down a Lot, but Does that Create a Buying Opportunity? Since peaking at $49.59/shr 12/18/23, U.S. Steel’s (X; BUY) shares have fell -36.9% vs. the S&P 500 being up…
September 6, 2024
California is Considering Retroactively Cutting NEM 1.0 and 2.0 Benefits… But Why? As seen here, California is currently considering shifting NEM 1.0 and 2.0 customers, who pay ~2c/kWh for power, to the less advantageous NEM…
August 14, 2024
Is it Time to “Re-Up” the Nuclear Bull Thesis? In this note, we analyze the seasonality associated with the monthly purchase of U3O8 (in both volume and number of transactions, in our attempt to address…
August 8, 2024
Does the Recent Sale of Resi Solar Loans Suggest NOVA is “Hiding” an Imminent ~$1.6bn Impairment Charge, Does SPWR’s Bankruptcy Pose an Existential Threat to RUN/NOVA, & Why Have 3 U.S. Gov’t Agencies Opened an…
July 30, 2024
Our Checks Suggests Investors Remain Excited About Canadian Solar’s Ability to Sell its Utility-Scale Solar Pipeline. In recent discussions with solar investors, we’ve learned that many feel CSIQ’s 5.0GW of Recurrent Energy solar project development…
July 23, 2024
Admittedly, 2Q24E is Not an Easy Quarter to Model for Tesla. In the below, we consider various moving parts in TSLA’s 2Q24E model, including: (a) 57.146K more cars sold in 2Q24E QoQ (a positive), (b)…
July 17, 2024
Wow… That Can’t be Good. Below, in Ex. 1, we provide a letter sent by SunPower (SPWR; SELL) to its customers around 1:39pm EST today. In what follows, we provide our take. SunPower is No…
July 15, 2024
Hold On… Come Again? Last Friday, unbeknownst to many (it seems), SPWR (link) filed an amendment to its July 3rd 8-K, which provided additional information, this time from Ernst & Young (“EY”). more specifically, in…