Clean Tech: 2Q Clean Tech Earnings Preview and Thoughts on Bloom Energy Short Report

Research evidence excerpt

Clean Tech: 2Q Clean Tech Earnings Preview and Thoughts on Bloom Energy Short Report

Idea

July 9, 2026 04:49 AM GMT

Morgan Stanley & Co. LLCMClean Tech | North America David Arcaro, CFA

Equity Analyst

2Q Clean Tech Earnings Preview David.Arcaro@morganstanley.comJeremy Herring +1 212 761-1817

Research Associate

Jeremy.Herring@morganstanley.com +1 212 761-4182

and Thoughts on Bloom Energy Amanda Huang

Amanda.Huang@morganstanley.com +1 212 761-4197

Short Report Alexandre Zimmermann

Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

What’s Changed Zhizhong Dong

First Solar Inc (FSLR.O) From To Jonathan.Dong@morganstanley.com +1 212 761-5632

Price Target $230.00 $245.00

Clean Tech

Plug Power Inc. (PLUG.O) North America

Price Target $1.50 $1.65 Industry View In-Line

We outline our thoughts ahead of 2Q earnings and compare

MSe vs consensus estimates for our Clean Tech coverage and

NEE.

Key Takeaways

Onsite power, BESS and data center orders should remain strong/begin to inflect

for exposed names (GEV, BE, INIO, FLNC, and SHLS)

Utility scale solar module demand and bookings will likely be weak for 2Q as

Section 232 tariffs are now expected in 3Q (FSLR)

We remain cautious on resi solar demand rebounding yet (RUN); though safe

harboring activity could provide upside to cons estimates for OEMs (ENPH &

SEDG)

We've refreshed our models and multiples; we raise our FSLR (OW) PT to $245

from $230 and PLUG (UW) PT to $1.65 from $1.50

Please see our comments on individual company updates and views in the Preview

to Earnings section. Summary tables below lay out our estimates vs. consensus.

Separately, in response to the Bloom Energy short report published yesterday we

reaffirm our bullish outlook for the company as we believe that the concerns raised

are overblown.