March 30, 2026
We initiate on Modine Manufacturing at BUY with a Street-high $290 PT as the analyst community fails to give Modine credit for a NAM data center chillers capacity ramp that will drive accelerative trends at…
March 30, 2026
Investment Conclusion We reiterate our Sell rating and $24.86 12-month price target on Tesla (TSLA). Our final Q1 2026 delivery model — incorporating GLJ’s proprietary VIN-based US production channel check, CPCA/CNEVPost China production and delivery…
March 26, 2026
I. Investment Thesis We are maintaining our SELL rating on Sunrun (RUN) with an updated price target of $4.63, implying approximately 63% downside from current levels. Our conviction has strengthened following a direct channel check…
March 26, 2026
Investment Thesis GLJ Research conducted a structured expert channel check with a Chief Sales Officer at Krannich Solar — one of the largest solar equipment distributors in North America — to stress-test our below-consensus bear…
March 25, 2026
Investment Summary Twenty-five days after the US/Israel launched strikes against Iran on February 28, 2026, GLJ Research’s Four-Phase Iran Macro Playbook is tracking with near-precision fidelity. We are now at the inflection point of Phase…
March 23, 2026
Investment Summary Nearly four weeks into what GLJ Research assesses as a structurally durable Middle East conflict (i.e., the US/Israel launched their initial strikes against Iran 2/28/26), markets are materially mispricing both the duration and…
March 23, 2026
Investment Thesis (A.) The Event — The Anti-Involution Premium Is Gone. As of today’s close (March 23, 2026), the dominant polysilicon futures contract on the Guangzhou Futures Exchange settled at ¥35,435/MT, down ¥3,130 (-8.12%) on…
March 22, 2026
We see partial validation of our white-space thesis as management unveiled new long-term targets ahead of the Street that met buyside expectations. Expect further long-only follow-through after management spoke to accelerative data centers execution and…
March 19, 2026
What the Chart Shows — and Why It Matters The dominant polysilicon futures contract (多晶硅主连) closed today at ¥38,550/MT, down ¥2,360 (-5.77%) on the session alone, on volume of 13,502 contracts. The intraday range of…
March 19, 2026
(a) The Quarter – A Clean Miss Dressed Up in Project Asset Language Q4 revenue of $1.217B missed the $1.355B Consensus estimate by ~10% — a wide miss for what is supposed to be a…
March 18, 2026
Investment Thesis We reiterate our SELL rating on JinkoSolar (JKS US) and adjust our 2026E yr-end PT modestly higher to $12.10 (-51% downside) from $10.15 prior on our updated estimates. The March 12, 2026 PV…
March 16, 2026
We digest client feedback and note a consensus that management will significantly lower company-wide incremental margins from pre-Thermal divestiture guided mid-30’s with buyside bogeys clustering around mid-20’s incremental EBIT margins. We break apart the puts…
March 16, 2026
Investment Thesis – Estimate & Macro Update We reiterate our SELL rating on CLF and keep our 12-month price target flat at $9.42/share — reflecting the February 10 GLJ update note valuation methodology (13.0x 2026E…
March 16, 2026
Investment Thesis – Management Feedback We had a chance to catch up with Nextpower management (IR contact: Sarah Lee) on March 13, 2026 for a 36-minute discussion covering eight topics spanning the company’s product strategy,…
March 13, 2026
Investment Thesis California Solar Initiative (“CSI”) January 2026 data delivers a verdict across two distinct dimensions: (1) the post-ITC pull-forward hangover is confirmed, with the MLPE duopoly’s inverter and storage share erosion accelerating; and (2)…