Janney downgrades Complete Solaria to Neutral amid residential solar challenges

As previously reported, Janney Montgomery Scott downgraded Complete Solaria (CSLR) to Neutral from Buy with a fair value estimate of $2, down from $4. Residential solar will be challenged over the next several quarters, even absent statutory changes in California, says the analyst, who models Complete Solaria keeping revenue mostly flat throughout the year at about $80M per quarter and then increasing “slightly” in 2026. The firm thinks EBITDA and free cash flow breakevens are “likely 2026 events,” but notes that it does not model the company needing to raise capital before then.