Our Research

In this Note, in Addition to Updating our Extensive Bottom-Up SunPower Earnings Driver Model, We Update our Outlook on the Company. In the analysis that follows, following: (1) the Dec. 22nd, 2023 decision by Atlas…

Did Tesla, with its Recent Model 3 “Highland” Refresh, which Pundits Predicted Would Reinvigorate Demand in China (link), Just Slash its China Car Prices Just 12 Days into 1Q24? In short, the answer, resoundingly, is…

Huh? Did you Say the 4Q23 Market Surge was a “Bull Trap“? First off, we note that J. Yellen’s Oct. 31st Quarterly Refunding Announcement (“QRA”) shocked market participants by focusing the US government’s 4Q23/1Q24 funding…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 14-15), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. This week, price changes in China…

So… Tesla’s Q4 Delivery Number Came in a Bit Ahead of our Est. (and mostly in line with Consensus); what’s our Quick Take? Yesterday, ahead of the market open, TSLA reported 4Q23 deliveries of 484.507K…

Did Janet Yellen Intentionally Squeeze the Long-Duration Bond Shorts with her 10/31/23 Quarterly Refunding Announcement (“QRA”), and is it About to Make the Fed’s Job a Lot Harder? By way of background, we remind our…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 5-6), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China…

Is the Sell-Side Right in Their Recent Claims that the Cost-of-Capital for the Solar Residential Rooftop “Mortgage Companies” (i.e., RUN/NOVA/SPWR/etc.) Has Dropped Given US Treasury Yields are Down, or Does Their Analysis Ignore the Recent…

Are Solar ABS Bonds the “Second Coming” of the Solar YieldCo Ponzi Schemes that Effectively Bankrupted SunEdison? SunEdison, the once high-flying solar company seen by many as the solar “savior” of the industry (i.e., it…

How’s Inflation Trending, and Just How Loose Are Financial Conditions at Present Ahead of the Fed’s Rate Decision/Powell’s Testimony Later Today? In this note, in detail, we analyze yesterday’s CPI inflation report, and also look…

Price Tracker. Applying a modified approach, we detail PV pricing data by substrate (Ex. 14-15), segmented by Chinese and global prices, tracked each Wednesday by EnergyTrend, PVInsights, and PVInfolink, respectively. Last week, price changes in China…

How’d Jinko Solar Fare in 3Q23? In 3Q23, JKS reported rev/GM%/non-GAAP EPS of $4.4bn/19.3%/$2.55 (Street $4.2bn/14.95%/$1.18). And, on those results 10/30/23, we’ll remind our readers that JKS’ share price surged +10.3% (while the lion’s share…

The Spread Between US HRC Spot Prices and Foreign HRC Spot Prices Has Exploded Higher Recently; is it Justified? As detailed below (Ex. 1), since 10/13/23, US HRC spot prices have surged +$335/s. ton, vs….

Houston, We Have a Problem. As a reminder, when SEDG reported 3Q23 results a few weeks back, despite negatively preannouncing days prior (due to order delays/cancellations as customers double/triple ordered in 2022, primarily in Europe),…

What’s Up? In this note, we detail why, with last week’s release of the US Treasury’s latest Quarterly Refunding Announcement (“QTR”), the relationship between the Federal Reserve and the US Treasury, through 1Q24E, will likely…