Our Research

So, What’s the Set-Up for the World’s Leading Module-Level-Performance-Electronics (“MLPE”) Inverter Suppliers Enphase (ENPH; SELL) and SolarEdge (SEDG; SELL)? Last week, the solar world learned that Titan Solar, one of the largest residential rooftop solar…

This (i.e., Modeling Daqo’s Fundamentals) Isn’t Hard Folks. This week, we decided to update our bottoms-up Daqo earnings-driver model, and, OH BOY, were we surprised. In brief, in what follows, we detail why we see…

Are Street Ests. Too High, and Are Service Centers Actively Trading Steel Stocks Amongst Themselves, Suggesting the “Great Restocking” That Many Steel Bulls Have Become Accustomed to is Not Coming Anytime Soon? The, somewhat complicated,…

Does the Intraday Surge in Sunpower’s Stock Today, Juxtaposed Against its 8-K Filing this Morning, Suggest Wall Street (and Specifically Sunpower Bulls) is in for a “Rude Awakening”? In the analysis below, we look to…

Solar Stocks have Staged a Sharp Rally Over the Past Several Weeks… Mainly… on: (1) Two Wall Street-Manufactured Hype Stories, as well as (2) an Assumption, Mainly by FSLR Bulls, that the Production Tax Credits…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex.16-17), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China for…

As Global Solar Distributors/Installers Shift Away from Higher-Cost Module-Level-Performance-Electronics (“MLPE”) Inverters, Opting Instead for Lower-Cost String Optionality, we See Outsized Risk to Enphase. In this initiation of coverage report, we detail the basis for our…

Which One of these Things (SPWR + GME + AMC) is Not Like the Other? When meme stocks squeeze, typically, owners of the stock hold firm onto the shares, causing fear among the “shorts“, sending…

Yesterday, at 3:00pm EST., the US Treasury Released its Estimates for its Borrowing Needs in 2Q24E and 3Q24E. As seen here (link), yesterday at 3:00pm EST, the US Treasury provided its funding/needs forecasts around: (a)…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex.13-14), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China for…

Tesla Took a Slashing to the Price of its New Cars All Through this Past Weekend. In the analysis that follows, using estimates for the number of cars TSLA is expected to sell in each…

Tesla’s 1Q24E Revs/non-GAAP EPS Appear Set to Miss Wall Street’s Estimate… by a “Nautical Mile”; But What About 2Q24E? After spending the better part of this past weekend updating our bottom-up TSLA revenue driver model…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 1-2), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…

Is Cleveland Cliffs Really a BUY Here? With the S&P 500 up +10.0% year-to-date (“YTD”), vs. CLF being up +8.4% over the same timeframe (i.e., CLF has underperformed), not to mention the QQQs being up…

Higher Interest Rates are Making Canadian Solar’s Ability to Sell its Utility-Scale Solar Projects “Very Difficult”. As a reminder, we note: (1) in 2Q23, CSIQ saw its Recurrent Energy segment deliver $360mn in revenues at…