This Wall Street Firm Bets Big on These 3 Solar Stocks
24/7 Wall St. has a closer look at a few recent analyst reports on solar stocks. Despite the recent downturn, one Wall Street analyst sees upside in most of these stocks.
Energy prices have been on the rise this year. Russia has put the clamps on Europe, and countries, companies and consumers are looking for alternatives. While everyone is looking to figure out the oil and gas markets, one Wall Street player is looking at something entirely different.
Truist issued a few calls on Monday morning focused on solar stocks. Each of these calls shows upside of at least 10%, and there could be a lot more.
Though headwinds have put a damper on the markets in general, Truist believes that a few of these stocks could provide solid upside for now. This industry was hurt by the spread of the coronavirus and could stand to benefit from a strong summer season, as pandemic concerns appear to have abated.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
SunPower Corp. (NASDAQ: SPWR) is a solar services provider that offers solar, storage and home energy solutions primarily in the United States and Canada. The firm operates anywhere from residential all the way up to industrial. Truist resumed coverage with a Hold rating, but its $18 price target implies upside of 9% from the most recent closing price of $16.51.
SunPower stock has a 52-week trading range of $14.00 to $34.61, and it traded near $17 on Monday. Shares are down about 21% year to date.
SolarEdge Technologies Inc. (NASDAQ: SEDG | SEDG Price Prediction) operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial and small utility-scale solar installations. The company is headquartered in Israel. Truist resumed coverage with a Buy rating and a $340 price target, which implies upside of 36% from the most recent close at $250.41.
The stock was trading at around $253 on Monday, in a 52-week trading range of $199.33 to $389.71. SolarEdge stock is down nearly 11% year to date.
Sunnova Energy International Inc. (NYSE: NOVA) is another solar company, but its primary focus is on residential services within the United States. At the end of 2021, the firm operated a fleet of residential solar energy systems with a generation capacity of approximately 1,140 megawatts serving over 195,000 customers. Truist resumed coverage with a Buy rating and a $32 price target, implying upside of 85% from the most recent closing price of $17.27.
The stock traded at around $17 on Monday, and it has a 52-week trading range of $13.90 to $46.40. Sunnova stock is down 38% year to date.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
