Our Research

We are Upgrading Sunrun to HOLD from SELL as the “Solar Friendly” Senate is Set to Return from Adjournment Jun. 2nd (i.e., Monday). While we continue to see RUN’s business as structurally flawed (given our…

We are Upgrading SolarEdge to HOLD from SELL as the “Solar Friendly” Senate is Set to Return from Adjournment Jun. 2nd (i.e., Monday). While we continue to see SEDG’s business as structurally flawed (given our view…

In the Words of Porky Pig… “Ba-Deep, Ba-Deep, That’s All Folks”. We downgrade U.S. Steel’s shares from BUY to SELL, and strongly recommend anyone who purchased when we upgraded to BUY 9/9/24 (when the stock…

Cleveland Cliffs is Currently Looking into the Abyss of Market Share Losses and Waning U.S. Auto Demand. On the positive side (if one is an optimist), after two consecutive quarters of EBITDA losses, CLF is…

SolarEdge is Up +70.7% Over the Past Month vs. +15.2% for the S&P 500; is the Move Justified? A few weeks back, SEDG reported 1Q25A sales that beat Cons. by +7.5% and GLJe by 11%….

Even the Tesla “Faithful” are Beginning to Realize the Stock Price Could be in (Big) Trouble Should its Car Sales Continue to Falter in 2025. When a Mag7 stock (i.e., TSLA) trades at 138x its…

How are US Consumers and Firms Reacting to Trump’s Tariffs? Before we attempt to answer this question, we’ll remind our readers, in our 3/26/25 GLJ Macro Weekly update, based on: (1) what we saw as…

What Happened? FSLR’s stock came under pressure yesterday following reduced 2025E guidance provided earlier this week, which was worse than expected as we warned in our 4/15 note titled: “Are Investors Underestimating the Top Twelve…

1Q25 Results/GLJ’s Take. Earlier this week, ENPH reported results that missed expectations on a number of fronts, namely: (a) when adjusting out safe harbor, 1Q25A “core” revenues of ~$302mn were below Consensus and guidance, (b)…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate, segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China for mono-grade…

We have Updated our Bottoms-Up Tesla Earnings Driver Model and See a “Big Problem” w/ the Current 1Q25E non-GAAP EPS Consensus Est. In the following update, when considering the impact(s) from: (a) TSLA’s transition from…

Is Consensus Making a Grave Error in its Estimate for Tesla’s 2Q25E Global Auto Sales? The best investing opportunities arise when there are material dislocations between what Consensus expects vs. what is most likely to…

Are Solar Investors Too Focused on an Overly Simplistic Binary, where “More Trump Tariffs = Bad” vs. “Less Trump Tariffs = Good”, when they Should be Focused on how Trump’s Tariffs will Impact Individual Solar…

Update on the “State of the Union” of the US Solar Market. In what follows, we provide a Q&A we had, yesterday, with the largest distributor of solar products in the U.S. Fire-Side Chat with…

At the Margin, a Company’s Actual Results vs. Wall Street’s Estimates Determine the Path of the Stock Price. In this note, following recent on-the-ground U.S. solar residential market checks, we seek to answer if the…