October 16, 2025
We caught up with Argan CEO David Watson earlier this week. The focus remains firmly on Argan’s Gemma Power Systems, along with Fluor (FLR, not rated) one of the few leading CCGT E&Cs available for…
October 14, 2025
We expect 3Q25 to be a positive event for shares as GEV surprises investors with a robust bookings pathway driven by CCGT SRA conversion and Saudi condensers hitting equipment RPOs for Power & Electrification. Expect…
October 13, 2025
Q3 Preview – More Trick than Treat. Once again, the market seems content to sleepwalk – this time straight into what looks like an unfortunate Q3 for CSIQ. For those who actually read 10-Ks and…
October 10, 2025
We are hopeful about the appointment of a tenured Jacobs executive with strong experience across Primoris’ most critical growth markets. Reiterate BUY. Traditionally, Primoris has drawn senior and divisional leadership from a cadre of ex-CB&I…
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…