December 17, 2024
Today, Goldman Sachs Double Upgraded SolarEdge from SELL to BUY. Goldman Sachs double upgraded SEDG from SELL to BUY with a $19/shr 12-month forward price objective, which compares to our year-end 2025E price target of…
December 17, 2024
Tesla’s Stock has Been on a Tear; is this Indicative of Better Fundamentals, or Simply Options Market Activity/Manipulation? Since 10/23/24, or when TSLA reported slightly better-than-expected 3Q24 results, the stock has surged +116.7% higher; this…
December 12, 2024
Data out of California This Week Provides Bird’s Eye View into 4Q24E Earnings Season for the MLPE US Inverter Suppliers. In what follows, we detail the key takeaways from the California Solar Initiative (“CSI”) Oct….
December 11, 2024
Biden Throws “Curveball” into Nippon’s Planned Acquisition of US Steel. Yesterday, before the close, Bloomberg reported that people familiar with matter believe President Biden will block Nippon’s planned $14.1bn acquisition of US Steel (X; BUY)…
December 9, 2024
Is U.S. Steel a “Diamond in the Rough” Right in Plain Sight? In this note, following discussions with government contacts and industry experts, as well as our observations on a number of key (recent) events,…
December 3, 2024
Jinko Solar’s Stock has Surged Since the US Commerce Department’s Release of its Preliminary Anti-Dumping Rates Last Week; is it Justified? In short, when looking at both JKS’: (a) preliminary Malaysian Countervailing Duties (link) of…
November 26, 2024
The Resi Solar Stocks have Staged a Magnificent Rally Off the Lows. Using our “Resi Solar Index”, which is simply the sum of the market caps for SEDG + ENPH + NOVA + RUN, we…
November 7, 2024
SolarEdge and the “Terrible, Horrible, No Good, Very Bad Day” Quarter. Last night, after the close, our current top solar short idea, SEDG, reported 3Q24 rev/non-GAAP EPS/free-cash-flow of $260.9mn/-$15.33/-$111.2mn vs. Cons. $273.4mn/-$1.67/-$77.6mn (GLJe $254.4mn/-$1.69/-$108.8mn) – i.e., a herculean…
November 6, 2024
We Downgrade SunRun to SELL on Donald Trump’s U.S. Presidential Victory. With a new IRS Commissioner imminent, we move our rating on SunRun to SELL and re-introduce our 2024E year-end price target of $7.78/shr, or…
November 5, 2024
Update from California Solar Initiative (“CSI”) – Pulse on US Solar Market Thru Sep. 2024 (3Q24 Solar Market Sales in California Down -43.5% YoY & -0.6% QoQ, with Sep. 2024 Sales Down -32.8% & -7.4% YoY…
November 4, 2024
How Have Solar Stocks Performed, Post Election, Since Obama was First Elected (i.e., Nov. 5th, 2008)? In this note we look at how the Invesco Solar TAN ETF Index has performed over the last four…
October 31, 2024
Cash Incinerating “Science Project” Company Sunnova Exhibits What it Does Best… Burn a Heap Load of Free-Cash-Flow (“FCF”). Yesterday, after the close, cash-incinerating third-party solar EPC/financing science-project company NOVA reported 3Q24 rev/adj.-EPS/FCF of $235mn/-$0.98/-$559.0mn vs….
October 30, 2024
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, all solar substrates in China were…
October 29, 2024
JinkoSolar Reports Q3 Earnings Before the Market Opens Tomorrow. Ahead of JKS’ 3Q24 earnings report this Wed., below, using intra-quarter movements in solar poly-Si, wafer, cell, and module prices (as well as the company’s Q3…
October 28, 2024
Sunrun Reports Earnings Next Week on Thursday. Ahead of RUN’s 3Q24E results next Thursday, in this note, we detail why we believe being short the stock (into earnings) carries with it quite a bit of…