May 1, 2026
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…
May 1, 2026
We raise our numbers as FIX beat and raised atop difficult compares in defiance of valuation fears. Our catch-up with Investor Relations continues to underscore our conversations with cooling co-vendors – installation volumes and pricing…
April 29, 2026
Bottom Line Enphase delivered the kind of “beat” that does not survive contact with the second page. Headline 1Q26 revenue of $282.9M printed in-line (-0.3% vs. consensus $283.8M), and the optical (non-GAAP) OPEX line drove…
April 27, 2026
Expect Electrifications upward revisions to continue as we hear back from our industry contacts. “This is just the beginning” Electrification future firing on 800V cylinders We confirmed with GE Vernova explicitly that the medium-voltage Uninterruptible…
April 27, 2026
What Changed This Morning Early this morning, Sungrow Power Supply (300274 CH) reported 1Q26 net income of RMB 2.3B versus Bloomberg consensus of RMB 3.32B — a 31% miss and -40% YoY. Management cites intensifying…
April 23, 2026
Bottom Line Tesla reported 1Q26 revenue of $22.387B and non-GAAP EPS of $0.41, optically a modest beat. This “beat”, however, was entirely manufactured. Stripping out management-disclosed one-time items — i.e., $230M of auto warranty true-downs…
April 21, 2026
Executive Summary Tesla reports 1Q26 results tomorrow after the close, and in our view, this print is just as much about the headline numbers as it is the forward commentary. The consensus calls for 1Q26…
April 20, 2026
We initiate coverage of Legence (LGN) at BUY with a PT of $99 to emphasize Legence’s increasingly pivotal role in addressing integration undercapacity for data center cooling end-customers. Our channel checks on Legence’s large hyperscaler…
April 20, 2026
We initiate coverage on Everus Construction Group (ECG) at HOLD to reflect a fairly-priced data center opportunity-set at $141PT. Despite management’s prudent execution, limited quantification of pre-fabrication capacity ramp and predominantly cost-plus contracting caps our…
April 20, 2026
We initiate coverage on Comfort Systems at BUY, as backlog adds and ramping incremental margins emphasize that demand is there for this best-in-class capacity provider. View the next leg of revisions as bookings driven as…
April 17, 2026
Summary We conducted a channel check with a senior executive at APsystems (APS), a tier-one microinverter and module-level power electronics (MLPE) supplier to the US residential solar market. The conversation followed the Chapter 11 bankruptcy…
April 16, 2026
Investment Summary The Chapter 11 bankruptcy filing of Freedom Forever, LLC on April 15, 2026, coupled with the Texas Attorney General fraud investigation into Sunrun and Freedom Forever, LLC (for violations of the Deceptive Trade…
April 13, 2026
Investment Thesis Ahead of JKS’s 4Q25 Earnings Report This Thursday, Updating Our Bottom-Up Cost Driver Model for Intra-Quarter Commodity Prices, Global Demand Data, and Our On-the-Ground U.S. Installer Channel Checks, We See a Sizeable Guidance…
April 8, 2026
Executive Summary This note presents evidence that Tesla’s (TSLA) share price has been significantly and systematically elevated over the past six years by an options market structure uniquely dependent on aggressive retail call buying —…
April 3, 2026
Trumbull early completion drove F4Q headline OMs 18.2% to beat the Street at 12.7%, but management has been very clear that the outsized contribution of a single early close-out simply validates CCGT EPC unit economics…