MJanuary26,202405:02AMGMTMorganStanley&Co.LLCUpdateCleanTechNorthAmericaAndrewSPercoco+1212296-4322+1212761-2534TacticalThoughtsintoEarningsEquityAnalyst+1212761-5994Andrew.Percoco@morganstanley.comWehighlightourthoughtsonthevariouscleanenergysub-Attractivesectorswithinourcoverageasweheadintoearnings.MaximillianLAdelmanKeyTakeawaysResearchAssociateMax.Adelman@morganstanley.comDelaysinrenewableenergydevelopment(bothresiandute-scale)coulddrivedownsidetoconsensusestimatesin2024.AsmitaBaskarElevatedinterestrates,macrouncertainty,andalaggingNEM3.0transitionmayResearchAssociateserveasagrowthoverhangforresidentialsolar.Asmita.Baskar@morganstanley.comRedSeadisruptionsremainsakey"wildcard"formarginsin2024.CleanTechNorthAmericaWerecommendowningcompanieswithahighdegreeofearningsvisibilityand/orIndustryViewstrongbalancesheetswithlimitedequitycapitalneeds(FSLR,AMPS).MorganStanleydoesandseekstodobusinesswithBelowwehighlightnoteworthyearningsdynamicsandcatalyststowatchcompaniescoveredinMorganStanleyResearch.Asaresult,throughoutourcoverage.investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResidentialSolarInstallers:WeexpectmixedmessagingacrosstheresidentialResearch.InvestorsshouldconsiderMorganStanleysolarinstallergroupthrough4Q23earnings.Onthepositiveside,weexpectResearch...
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