June 12, 2026
Investment Conclusion With roughly three weeks of the quarter still to run, our model points to 2Q26E global deliveries of 426,017 units — up 19.0% sequentially from 1Q26’s 358,023 and up 10.9% against the 384,122…
June 11, 2026
The Thesis, in One Breath Wood Mackenzie and SEIA forecast U.S. residential solar installations fall -21% y/y in 2026 (link). Therefore, when incorporating the consensus forecast that installs rise +5% y/y in 2Q26 — demand…
June 10, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,100/ton = $5.11/kg) – down 1.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source:…
June 9, 2026
Executive Summary We are upgrading Cleveland-Cliffs (“CLF”) to HOLD from SELL and raising our 12-month price target to $15.01 (from $9.03 prior). The upgrade reflects a material change in the evidence since our May 5,…
June 3, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,605/ton = $5.18/kg) – down 0.3% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
June 3, 2026
Bottom Line We reiterate our BUY rating on Nextpower (“NXT”) and raise our year-end 2026 price target to $149.44 (from $147) to reflect the strategically sound, accretive acquisition of Prevalon Energy. We do so, however,…
June 2, 2026
Volumes rebounded to 208MW. Tesla’s storage share snapped back to 61%, fully retracing the February dip. And the inverter duopoly has split cleanly in two — Enphase owns what’s left of residential, SolarEdge survives only…
June 1, 2026
Where Fair Value Lands Sum-of-the-parts fair value built on GLJ earnings estimates: ENPH $26.55 (61% below current $68.66), SEDG $20.35 (74% below current $77.08). Our valuation is anchored on GLJ’s published EPS forecasts (ENPH: $1.45…
May 28, 2026
Bottom Line We have covered the solar complex across three full cycles — the 2011–2013 polysilicon bust, the 2018–2019 China “531” subsidy collapse, and the 2023–2024 distributor inventory disaster. The pattern is repeating. China telegraphs…
May 27, 2026
Investment Thesis FSLR 1Q26 Earnings: The Cancellation Cliff Is Over, the Bear Case Is Broken, and the 232 Catalyst Is Locked/Loaded The headline: we were wrong on FSLR. When we moved this name to HOLD…
May 27, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,730/ton = $5.19/kg) – down 0.9% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
May 20, 2026
LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper -1.09% to $6.07/lb; aluminum +0.30% to $1.63/lb; nickel +1.05% to $9.56/lb; zinc -0.19% to $1.63/lb; lead -0.01% to $1.10/lb; gold +1.39% to $4,545/oz; silver +3.47%…
May 20, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$37,055/ton = $5.22/kg) – down 0.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
May 19, 2026
Investment Conclusion March 2026 CSI data does something the February dataset did not: it forces us to update our priors with intellectual honesty. The single most important data point we flagged in our April 2…
May 18, 2026
Bottom Line Up Front In the last five sessions SEDG appreciated +47.79% and ENPH +40.48%, against a −0.03% S&P 500. That is roughly 48 and 40 points of single-week alpha in two multi-billion-dollar equities with…