GLJ Research
GLJ Research is a New York independent equity research boutique founded in 2019 by analyst Gordon Johnson. It covers a short list of solar, steel, rail, electric-vehicle, lithium-ion and cannabis stocks and is best known for its long-running Sell rating on Tesla.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 2512M
- Actions
- 7812M
- Ratings / Price targets
- 52 / 26
- Upgrades / Downgrades
- 5 / 7
- Initiations
- 3
- Buy-rated
- 33%of 18 rated
- Median upside
- +18.4%
- Targets raised / lowered
- 10 / 5
- On record
- Apr 2020 – Sep 2026
Overview
GLJ covered 14 stocks in 2026 across solar, bulk commodities, rail, electric vehicles, lithium-ion batteries and cannabis, making both long and short calls. Its Tesla price target was $24.86 in September 2026. In a 2024 interview, Gordon Johnson rejected the short-seller label though most of the firm's ratings were then Sells.
Gordon Johnson, previously an analyst at Lehman Brothers, Axiom Capital Management and The Vertical Group, launched GLJ Research in September 2019 with former Vertical Group colleague James Bardowski through Analyst Hub's platform for independent research providers. The firm began by initiating coverage of Tesla, U.S. Steel and Tilray. GLJ is a strategic partner of broker-dealer Analyst Hub Securities.
Milestones
- 2019
Founded by Gordon Johnson and James Bardowski
Initiates coverage on Tesla, U.S. Steel and Tilray
Firm facts
- Legal name
- GLJ Research, LLC
- Type
- Independent research
- Founded
- 2019
- Headquarters
- New York, United States
- Founder and CEO
- Gordon Johnson
- Rating scale
- BuyHoldSell12 months
- Website
- glj-research.com
Research philosophy
Our aim, in short, at GLJ Research is to provide unbiased deep-value analysis, enabling us to be the best in each sector we cover.
GLJ Research says its analysts draw on contacts in the United States, China and other markets, using company models that differ from those built primarily on information from company executives. In a 2024 interview, Gordon Johnson said the firm begins with sector supply-and-demand models before studying company filings. He cited a solar model, updated daily, that tracks demand in about 50 countries.
Rating methodology
Ratings are Buy (price expected to rise 10% or more), Hold (change of less than 10%) and Sell (decline of 10% or more) over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Cleveland-Cliffs Inc.CLF | Buy | $17.48 |
 Tesla, Inc.TSLA | Sell | — |
 Sunrun Inc.RUN | Sell | $16.15 |
 Enphase Energy, Inc.ENPH | Sell | $24.47 |
 First Solar, Inc.FSLR | Buy | $250 |
 SolarEdge Technologies, Inc.SEDG | Sell | — |
 GE Vernova Inc.GEV | Sell | $1,087 |
 Cameco CorporationCCJ | Buy | $99.74 |
 Fluence Energy, Inc.FLNC | Hold | $12.89 |
 Nextpower Inc.NXT | Buy | $149.44 |
Most active analysts
- Gordon Johnson7 notesFSLRENPHCLF
- Austin Wang4 notesAGXECGGEV
Recent actions
| Date | Stock | Rating action | Rating | Target |
|---|---|---|---|---|
| Sep 22 | First Solar, Inc.FSLR | Target | $315 →$250 | |
| Sep 21 | Cleveland-Cliffs Inc.CLF | Reiterate | Buy | $15.60 →$17.48 |
| Sep 18 | ETEtsy, Inc.ETSY | Downgrade | Underweight | |
| Sep 18 | Cleveland-Cliffs Inc.CLF | Reiterate | Buy | |
| Sep 14 |  Coinbase Global, Inc.COIN | Initiate | Sell | |
| Sep 14 | GE Vernova Inc.GEV | Initiate | Sell | |
| Sep 4 | Tesla, Inc.TSLA | Reiterate | Sell | |
| Aug 27 | CSCanadian Solar Inc.CSIQ | Reiterate | Sell | |
| Aug 20 |  Microsoft CorporationMSFT | Downgrade | Sector Perform | |
| Aug 20 |  Advance Auto Parts, Inc.AAP | Downgrade | Sector Perform | |
| Aug 20 | Fluence Energy, Inc.FLNC | Target | $26 →$12.89 |