October 28, 2025
Wall Street Optimism High Headed into Q3 Results Tonight; is it Warranted? Investors appear downright euphoric heading into ENPH’s Q3 print tonight. The problem? The math doesn’t support the mood. On 7/22 management guided to…
October 23, 2025
Tesla’s Q3 Results Disappoint; Musk’s Promised Future Slips Further into Fantasy. TSLA reported Q3 rev/non-GAAP EPS of $28.095bn/$0.50 vs. Cons $26.365bn/$0.54 (GLJe $27.8bn/$0.59), or a bottom-line miss despite a sizeable top-line beat. The problem? Lower…
October 22, 2025
Management posted a positive update we believe met elevated buyside expectations. Vertiv continues to realize accelerative demand trends for its core product suite, but medium-term competitive concerns and increasing keep us cautious here for reasons…
October 22, 2025
Consensus Estimates Appear Too Low Ahead of Tesla’s Q3 Print (after the close today). Consensus appears too conservative heading into Tesla’s Q3 release. As shown in Ex. 1, we’ve revised our 3Q25E automotive revenue higher,…
October 21, 2025
Cleveland Cliffs: Another Chapter in the Fairy Tale. Cleveland Cliffs just posted its fifth consecutive quarter of negative gross margins – this, despite President Trump’s trade war artificially inflating U.S. steel prices since 1Q25. Yesterday,…
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…