March 2, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -1.92% to $5.92/lb; aluminum +0.94% to $1.57/lb; nickel -2.00% to $9.32/lb; zinc -0.48% to $1.61/lb; lead -0.35% to $1.10/lb; gold +0.60% to $5,311/oz; silver -6.52% to…
February 27, 2026
Investment Thesis Headline beat masks deteriorating unit economics. Revenue inflated by asset-sale accounting. Volume declining. Creation costs rising. 2026E Cash Generation guidance of $350M midpoint is $110M below Street consensus – a material miss being…
February 26, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$47,630/ton = $6.65/kg) – down 3.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
February 24, 2026
Investment Thesis We reiterate our SELL rating and $25.28 price target on TSLA. In this note, we specifically address the question Wall Street’s TSLA bulls refuse to ask honestly: what if Optimus actually works? Our answer, after an…
February 20, 2026
Investment Thesis We reiterate our SELL rating on Fortescue and adjust our year-end 2026E price target higher to A$15.00 (from A$12.00 prior) ahead of H1 FY26 results on February 25. Our conviction has increased materially…
February 19, 2026
Thesis: The Emperor Has No Clothes — And the Market Doesn’t Care (Yet) We are reiterating our SELL rating on Tesla with a year-end 2026 price target of $25.28/share. At ~$410, Tesla trades at 382x…
February 18, 2026
LME Metal Prices Flat-to-Higher vs. Previous Close: Today, Copper +2.35% to $5.83/lb; aluminum flat at $1.53/lb; nickel flat at $9.20/lb; zinc flat at $1.59/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver +6.24% to $78.11/oz;…
February 18, 2026
Investment Thesis We reiterate our BUY rating on Cameco with an updated C$171.20 price target (prior C$100) – +11% upside from yesterday’s closing price – following strong 4Q25 results that underscored the fundamental tightness in…
February 17, 2026
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
February 10, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -0.36% to $5.92/lb; aluminum -0.28% to $1.54/lb; nickel -0.39% to $9.16/lb; zinc -0.89% to $1.60/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver -1.60% to…
February 10, 2026
Bottom Line. CLF printed 4Q rev/EPS of $4.3bn/-$0.43 vs. Consensus at $4.6bn/-$0.62 (GLJe in line with Street), but the stock sold off for a simpler reason: investors were waiting for clarity on the POSCO MOU…
February 5, 2026
Bottom Line. Strip out the safe-harbor noise and ENPH’s 1Q26 revenue guide of $235–$265mm merely rubber-stamps its prior ~$250mm soft outlook. The more telling datapoint was the margin guidance: 43.5% in Q1, down 540bps y/y…
February 3, 2026
Bottom Line. We move our rating on Daqo New Energy from BUY to SELL and lower our 12-month price objective to $18.13/shr (-26% downside from yesterday’s closing price). In what follows, we provide an update…
February 2, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -3.41% to $5.94/lb; aluminum -5.12% to $1.55/lb; nickel -3.8% to $9.15/lb; zinc -3.92% to $1.63/lb; lead -1.4% to $1.09/lb; gold -4.45% to $4,676/oz; silver -8.26% to…
January 29, 2026
Bottom line: TSLA printed Q4 rev/GAAP EPS of $24.9bn/$0.24 vs. Consensus at $25.1bn/$0.34 (GLJe $24.1bn/$0.24). The headline “beat,” however, came courtesy of the accounting add-backs. Stock-based compensation surged a record $223mn q/q – the highest…