Bernstein SocGen Group Starts T1 Energy Inc. (TE) at Market Perform
Bernstein SocGen Group analyst Sunaina Ocalan initiates coverage on T1 Energy Inc. (NYSE: TE) with a Market Perform rating and a price target of $9.00.
The analyst comments "TE has recently pivoted from manufacturing batteries to solar modules via the acquisition of the U.S. based assets of Trina Solar, which allowed them to access 45x tax credits and improve margins. The facility produces finished solar modules from imported cells. To further integrate their supply chain domestically, TE is constructing a second facility that will manufacture solar cells and source wafers locally. TE’s panels use TOPCon technology that is currently disputed by FSLR in a patent infringement action. We see a range of potential scenarios for TE depending on the successful completion of the second facility and contracting environment, as well as the outcome of the FSLR action. We use a probability weighted valuation on the expected range of outcomes to arrive at our target price and rate the stock Market-Perform."
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Shares of T1 Energy Inc. closed at $8.92 yesterday.