Solaris Energy initiated with an Outperform at Raymond James

Raymond James initiated coverage of Solaris Energy (SEI) with an Outperform rating and $39 price target Raymond James sees Solaris Energy as one of the more misunderstood stories in the space, and thinks Solaris’s market opportunity has expanded, particularly as the arena’s first-mover, and sees longer-term value in its bespoke build-outs, unique combination of competitive pricing and notable speed to market, and ability to layer on additional service offerings around the power concept in time, the analyst tells investors in a research note. The firm expects execution on booking out the last 20%-25% of its fleet, positioning Solaris to become a rated credit and reshape the capital structure.