Roth sees removing resi leasing denial for 48E as meaningful positive for Sunrun

Roth Capital analyst Philip Shen doesn’t expect IRA text to come out today. If the Senate Finance committee releases somthingm, it may only be on the tax provisions, such as SALT. IRA provisions adjustments are now expected Mnday. A contact that the firm has spoken with share that the Committee has been working hard on getting the FEOC language update and more workable. PIS language will likely get converted to construction start, which would be a meaningful positive for First Solar (FSLR), Array Technologies (ARRY), Nextracker (NXT), Shoals Technologies (SHLS), and Sunrun (RUN), Roth notes. The firm also sees residential leasing denial for 48E will likely be removed, which would be a meaningful positive for Sunrun. 25D still appears to be low probability. This remains a meaningful negative for Enphase (ENPH) and a negative for SolarEdge (SEDG), says Roth. The firm sees current levels as food buying opportunities for much of its coverage universe, given potentially a meaningful shift back to the original House bill, which was considered “much less worse than feared for the industry.”