Clean Energy: Generally Solid 2Q Earnings Met with Mixed Investor Reactions, PJM Curtailment Plan, FCC Bans New Foreign Inverters

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Clean Energy: Generally Solid 2Q Earnings Met with Mixed Investor Reactions, PJM Curtailment Plan, FCC Bans New Foreign Inverters

junction with RE+. We are establishing a YE27

PT of $152, which replaces our prior YE26 PT of $179, as our increased estimates are

offset by lower trading multiples for peers. We maintain our Overweight rating, and we

continue to highlight NXT as a top pick within our coverage as we believe there are

multiple paths to upside including continued tracker share gains and progress expanding

to a broader platform of solar solutions. Read the full note here.

• Innio: Strong 2Q Results and Record Orders, Initial FY26 Guide Above

Expectations.INIO reported solid 2Q results, in our view – its first print as a public

company. Order activity was much stronger than expected, driven primarily by the data

center business, though with additional strength in the utility and compression

businesses. 2Q revenue and EBITDA were also above expectations in both Equipment

and Service segments. Initial FY26 guidance was also slightly above expectations, and

we believe there is potential for further upside as the company progresses thru the year.

We are encouraged by the company’s strong start since the IPO, with order activity

increasing visibility into the out years. We are increasing our estimates. Our YE27 price

target goes to $40 from $44, reflecting lower trading multiples across peers. We maintain

our Overweight rating and continue to highlight INIO as a top pick within our coverage.

Read the full note here.

• First Solar: 2Q Review: Largely Tracking Expectations, Section 232 Remains Key

Catalyst. FSLR reported a significant 2Q EPS beat driven primarily by a one-time IEEPA