Weakness is an opportunity with solar stocks.
Sure, there have been concerns that a Trump win could derail clean energy stocks. But as I’ve said before, a repeal isn’t likely for two reasons. One, unless the Republicans take full control of Congress, it’s not likely to happen. Two, the Inflation Reduction Act (IRA) has been popular across the political spectrum.
Not helping, SunPower just filed for Chapter 11 bankruptcy protection.
However, with all of the negativity priced into solar stocks, now is the time to buy the dips.
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Company: First Solar (SYM: FSLR) Analysts at Argus just raised their price target to $250 from $225, with a buy rating. The firm believes FSLR will benefit from evolving tariffs and other regulations regardless of who wins the election in November. Plus, earnings have been strong. In its second quarter, the company’s net income soared to $349 million., or $3.25 a share from $171 million, or $1.59 year over year. Revenue rocketed 25% higher year over year to $1.01 billion. |
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Company: Sunnova Energy (SYM: NOVA) The company’s EPS loss of 27 cents beat estimates by 37 cents. Revenue of $219.6 million, up 32% year over year, beat by $3.74 million. Adjusted EBITDA was $216.7 million from $28.1 million year over year. Plus, Scotiabank raised its price target on NOVA to $14 from $10 with an outperform rating. The firm added that “Results for Q2 are an “excellent” proof point of the strategy the company launched last quarter, the analyst tells investors. “For long-term, the firm sees the potential for a more capital light model as the company laid out in Q1,” as noted by TheFly.com. |
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ETF: Global X Solar ETF (SYM: RAYS) Or, if you want to diversify on the cheap, there’s the Global X Solar ETF (SYM: RAYS). |
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