RECSI delivered disappointing Q3 figures, as Butte had one of its weakest quarters this decade. The bright spot was the fact that Moses Lake remains on track to reopen by Q4’23. We lower our near-term estimates due to the soft silane gas outlook, and also trim our long-term price assumptions to build in wider contingency vs. current spot levels. Still, we argue that too much pessimism now is priced in (a level of ~$14/kg polysilicon vs. spot $37/kg) and thus reiterate Buy.
