Citi‘s Most Read – North America

研报英文原文证据摘录

Citi‘s Most Read – North America

Daniel Tobon | Osamu Takashima | Brian Levine | Yuanliu Hu | Xiangrong Yu

North America Alternative Energy Equipment & Services - Stored Potential,

Ready to Discharge; 2Q Preview

We upgrade three storage-focused names including FLNC to Buy/High Risk with a

$24/sh PT, NRGV to Buy/High Risk with a $5/sh PT, and CSIQ to Neutral/High

Risk with a $18/sh PT. While we remain constructive on names exposed to storage,

utility-scale solar, and AI build-out, companies with residential exposure continue

to face headwinds. Hurricane-related outage activity is down meaningfully Y/Y,

while U.S. residential solar installs appear to be approaching new lows in 3Q. Our

app data indicates a ~47% Q/Q increase in EU residential solar installs in 2Q;

however, installation activity has slowed materially QTD.

Vikram Bagri

GE Vernova Inc (GEV.N) - GEV Results Highlight Ongoing L-T Growth Potential

2Q26 results including healthy orders momentum/backlog growth we think reflect

still strong underlying demand trends that remain supportive of multi-year growth

potential. That said, with elevated expectations, relatively modest increases to ’26

revenue and unchanged ’26 EBITDA margin outlook could limit N-T upside. 2Q

results include total revenue of $11.1bn (vs. $10.7bn and FactSet Consensus of

$10.8bn) and Adjusted EBITDA of $1.25bn (compared to our $1.32bn/FactSet

Consensus of $1.28bn. 2Q Gas Power orders and slot reservations of 20GW (18GW

slot reservations/2GW orders) coupled with conversion of 10GW of existing slot

reservations to orders and 3GW of equipment shipped resulted in Power backlog

of 53GW (from 44GW) and 63GW of slot reservations (from 56GW). Electrification

backlog at $44.6bn (vs. $27.1bn at 2Q25, $34.2bn at YE25 and $42.4bn at 1Q26)