BTIG Reiterates Buy Rating on TECO Energy (TE)

BTIG analyst Gregory Lewis reiterated a Buy rating and $4.00 price target on TECO Energy (NYSE: TE).

The analyst comments "TE reported earnings (BMO) with an EBITDA loss of ~ $25M a miss to our ~$16M loss. More importantly, TE continues to ramp solar module production at G1 Dallas, with four operational production lines (of seven) and is targeting full production in 2H25 (management guiding FY25 production of ~3.4GW). The company produced ~220MW of modules through the first two months of 2025 ahead of its initial target of ~150MW. With the production ramp ahead of schedule, management reiterated FY25 EBITDA of $75-125M and expects to exit the year at a $175-225M EBITDA run rate. Hitting guidance hinges on TE's ability to win customers for open capacity at the Texas plant, with ~1.9GW of its 3.4 GW (1.5 GW of existing offtakes) of 2025 targeted capacity unsold. Management expects to lean on its selling partners to push some of these volumes into the merchant sales market. And while its early days, TE took a major step forward in its move to be vertically integrated acquiring the site for its pre-FID 5GW G2 Austin solar cell plant. A lot of work needs to be done with construction expected to start this summer with commercial cell production expected to start in 4Q26. Bottom line: with the module plant up and running and a path forward for the solar cell plant we reiterate our Buy rating."

For an analyst ratings summary and ratings history on TECO Energy click here. For more ratings news on TECO Energy click here.

Shares of TECO Energy closed at $1.52 yesterday.

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