March 12, 2026
Austin FSD Rollout Failure: Fleet Collapse, Crash Data & Management Exodus EXECUTIVE SUMMARY This update incorporates three new data layers since our June 5th, 2025 initial Austin note: (1) NHTSA-sourced crash rate analysis confirming Tesla’s…
March 11, 2026
LME Metal Prices Mixed Today vs. Previous Close: Today, Copper +1.34% to $5.92/lb; aluminum +2.25% to $1.66/lb; nickel -1.29% to $9.32/lb; zinc +0.11% to $1.61/lb; lead -0.17% to $1.10/lb; gold -0.23% to $5,180/oz; silver -1.90% to…
March 10, 2026
The Supermarket Thesis The core insight is structural, not cyclical: NXT’s customers are consolidating, and NXT is one of the only vendors with the execution capability to consolidate their SKUs vertically. This is a supermarket…
March 5, 2026
We initiate coverage on nVent Electric at BUY w/ a street-high $151PT and estimates to match. We believe that despite management’s best efforts, the analyst community is mismodeling the size and growth of NVT’s liquid…
March 5, 2026
We initiate coverage of POWL at HOLD with a $450PT as channel checks and management commentary call into question the data center narrative priced into the stock. We model +MSD% upside to sellside numbers, but…
March 5, 2026
We initiate coverage on Solaris Energy Infrastructure at BUY with a $60PT even as BYoG power generation continues to prove itself through incremental contracting at extended durations. Speed-to-power continues to resonate in industry conversations as…
March 4, 2026
Investment Thesis FSLR 4Q25 Earnings: Ugly Guide, but the Real Story is What Comes Next The headline: 2026 guidance was a meaningful miss across every metric – revenue, volumes, and EBITDA – and it wasn’t…
March 3, 2026
Investment Thesis Sunrun is materially overvalued on any rigorous DCF construction – the stock is pricing in an outcome that the underlying cash flow trajectory does not support. Our $6.73 price target is anchored to…
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;…