Solaris Energy price target raised to $39 from $37 at Northland

Northland raised the firm’s price target on Solaris Energy (SEI) to $39 from $37 and keeps an Outperform rating on the shares. The company’s “strong” Q1 results, more MWs ordered, and the finalized joint venture are “all major positives” for Solaris, the analyst tells investors in a research note. The firm says that while the shares traded down as investors worried over a Q2 capex financing gap, this was addressed with the $110M convert announced last night. This should also bridge the remaining capex needs of Solaris through 2026, contends Northland. It believes the earnings print demonstrated the strong demand for the company’s off-grid power solutions and validated management’s execution and strategy.