The IRA at its core intends to induce a long-term collapse of fossil fuels by bringing forward the timeline for the adoption of low emissions technology. The Inflation Reduction Act Is Truly Material The IRA represents a step change for the industry, with initial cost of $370 billion being allocated towards net zero over the next decade, likely materially understating what I think will come to be the single most defining legislation for the climate economy. This has happened as the broader renewables market is set to be accelerated by the Inflation Reduction Act beyond even the most widely optimistic bullish estimates. Since this note came out, Stem has pulled back from what was then a $3 billion market cap to $1.85 billion. The under-the-radar report empathetically described Stem as a disruptive market leader and an expected holding for ESG-dominated funds. Citron's Stem note ascribed a $100 price target and called the company an 800-pound gorilla in a global energy storage market set to be a $1.2 trillion opportunity. It was a rare bullish research note for a firm that had spent most of its history calling out numerous stock tickers loved by retail investors. Led by Andrew Left, the infamous short-selling outfit had made a name for itself a few years prior with a report that catalyzed the collapse of Bill Ackman-backed Valeant Pharmaceuticals, now called Bausch Health ( BHC ). Citron Research almost a year into the pandemic released a bullish research note on Stem ( NYSE: STEM).
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