Start Your Engines: Initiating at Overweight

研报英文原文证据摘录

Start Your Engines: Initiating at Overweight

J P M O R G A N North America Equity Research

06 July 2026

Initiation

ERock Overweight

EROC, EROC US

Start Your Engines: Initiating at Overweight Price (02 Jul 26):$15.47

Price Target (Dec-27):$24.00

We are initiating coverage of ERock (EROC) with an Overweight rating and a YE27 Clean Energy, Power Infrastructure,

price target of $24. We believe EROC’s modular, natural-gas fired power solutions are and Sustainable Investing

ideally positioned to benefit from structural demand for bridge power solutions that Mark Strouse, CFA AC

can supply power before a grid connection is available, a market we believe (1-212) 622-8244

particularly attractive for data centers. Given EROC’s ability to also provide grid mark.w.strouse@jpmorgan.com

services in addition to serving as back-up or dispatchable power once a grid Michael G Fairbanks

connection is made, we also expect EROC to gain share from competing diesel (1-212) 622-4908

generators that are more limited to back-up only. We believe contracted backlog michael.fairbanks@jpmchase.com

supporting visibility into above-average growth off a low base should buoy the Anna Zhu

(1-212) 622-0012

company’s valuation as earnings ramp. anna.zhu@jpmorgan.com

• Power Supercycle Drives EROC Demand from Low Base. We expect data J.P. Morgan Securities LLC

center power demand to grow at a 20%+ CAGR through 2030, with grid

constraints creating a significant market for bridge power solutions. EROC’s Quarterly Forecasts (FYE Dec)

cumulative installed base of 1+ GW is spread across both utilities and Revenue ($ mn)

commercial/industrial customers; however, we estimate the current backlog of 2025A 2026E 2027E

primarily data center orders could double the installed base and provides strong Q1 24 32A 325