EnerSys higher 45X credits an ‘incremental positive,’ says Oppenheimer

Oppenheimer analyst Noah Kaye says EnerSys (ENS) announced $15M per year in incremental benefits from finalized Inflation Reduction Act Section 45X production tax credit guidance, with $30M-$35M in retroactive benefits increasing earnings guidance by 80c per share for Q3 and 90c for fiscal 2025, respectively. The company anticipates limited 45X risk under the incoming administration, and credit benefits should continue to increase as it expands production at existing U.S. factories, the analyst tells investors in a research note. The firm views the development as an “incremental positive” for the shares and keeps a Perform rating on EnerSys.