Where to Hide in Clean Energy This 2Q: HASI Has Our Attention

研报英文原文证据摘录

Where to Hide in Clean Energy This 2Q: HASI Has Our Attention

USA | Clean Energy

HA Sustainable Infrastructure EquityJulyResearch10, 2026

TARGET | ESTIMATE CHANGEWhere to Hide in Clean Energy This 2Q: HASI

RATING BUYHas Our Attention

PRICE $37.32^

Amid ongoing volatility in clean energy, HASI is a preferred defensive play

against fluctuating sentiment toward renewables. HASI's hard asset portfolio PRICE TARGET | % TO PT $45.00 ($47.00) | +21%

insulates from ST shocks, while LT the company's +$6.5Bn portfolio remains 52W HIGH-LOW $44.13 - $24.38

resilient. Expect a quieter, in-line 2Q with upside potential stemming from FLOAT (%) | ADV MM (USD) 95.8% | 41.49

mgmt's commentary on future growth investment. We continue to see a 10% MARKET CAP $4.9B

LT EPS CAGR as actionable, reflected in our raised outer-year estimates TICKER HASI ^Prior trading day's closing price unless otherwise

(2029-2030). noted.

Playing Defense with HASI. Clean energy equities continue to face volatility, reflected in shares FY (Dec) CHANGE TO JEFe JEF vs CONS

pulling back after valuations peaked in May and, before that, January. The shift in sentiment reflects 2026 2027 2026 2027

a broader rotation out of AI more than any idiosyncratic clean energy themes, but investors remain DPS NA NA NA NA

cautious about where to hide within the space. We turn to our preferred defensive play: hard EPS +1% NM -2% -5%

asset havens. In our view, HASI offers low-risk renewable exposure as industry peers conversely

react to tax equity woes (more headline than reality), rising Middle East/US tensions, and longer-

2026 ($) Q1A Q2 Q3 Q4 FY

term permitting hurdles facing wind/solar. The AI data center trade adds uncertainty, but HASI has

EPS 0.77 0.75 0.69 0.73 2.97