** Solaria BME:SLR shares are down around 4% after RBC Capital Markets downgraded Spanish renewable energy company to "sector perform" from "outperform", as significant positive optionalities appear to be priced in and confirmed in Capital Markets Day
** It says Data Center optionality was confirmed with Merlin deal that set a strong foundation for future projects, and Gravyx JV confirmed BESS standalone optionality with 200 million euro ($230.52 million)commitment of Stoneshield for 2026-28
** However, the broker estimates a 2026 EBITDA of 293 million euros below Solaria's 331 million euros without the inclusion of Asset Rotation (AR) gains
** "We project around half of Solaria's 2026-28 capex target of 2.5 billion euros due to our exclusion of wind investments and Gravyx’s standalone capex", it adds
** Out of 17 analysts that cover Solaria, eight rate the stock "strong buy" or "buy", five rate "hold" and four rate the stock "strong sell" or "sell" - LSEG data
($1 = 0.8676 euros)