Nov. 26 at 4:31 PM
$TE $SPWR $FSLR $ENPH
T1 Energy up as Roth Capital initiated coverage with a Buy rating and
$7 price target, saying it represents an attractive opportunity to invest early in domestic manufacturing backed by protectionist policies and megatrend tailwinds.
Roth analyst Philip Shen said his outlook is contingent upon T1 becoming FEOC-compliant and completing funding for its 5 GW cell facility, and he has confidence in the company's ability to achieve both.
Shen said his checks suggest FEOC-compliant, TOPCon modules with high levels of domestic content could earn a price in the mid-to-high 40c/W; combined with a 7c/W module and 4c/W cell 45X credit, he expects T1 to deliver healthy margins and stable free cash flow once fully ramped in 2027.
As one of the few U.S. C-Si module manufacturers with a legitimate plan to be vertically integrated in the U.S., Shen said T1 stands to benefit from premium pricing and market share gains due to U.S. protectionism and anti-China policy.
