Proprietary Intelligence: Promising ITC Bill May See Senate Action This Week - Cowen

From Notable Calls

Cowen notes their sources in D.C. tell them that Senators Cantwell and Ensign are drafting an energy tax (ITC/PTC) bill--WITHOUT pay-fors, which could see Senate action Friday. Firm remains bullish on the prospects for such a bill, given the dropped pay-fors construction. they believe that it will be passed in both chambers, and that it should be signed into law during/before May. Final term extensions are hard to handicap. Cowen thinks the Senate bill will have L-T extensions, but that these could shorten (to 1-2 years) in conference. They understand that passing the ITC/PTC is a high priority for Majority Leader Reid. One of the key developments was the consultation between parties, and with the White House. A positive ITC development should positively impact the stocks with greatest U.S. exposure, including Outperform-rated (Nasdaq: SPWR), (Nasdaq: ESLR), (Nasdaq: ENER), and (NYSE: STP).

Notablecalls: Great news. Too bad it's a week too late. Goes in the good to know but not actionable category.

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