Solar stocks may have found a bottom.
With a good deal of negativity priced into solar names, and hopeful rate cuts from the Federal Reserve, solar stocks are moving aggressively higher.
Analysts at Truist just upgraded Sunnova (NOVA) and Enphase (ENPH) to a buy rating, noting that, “While we’ve surely not seen the end of volatility in the group, we see meaningful upside opportunity moving into the fed rate cut cycle particularly for the resi solar group, while we see incremental downside risk to more nascent industries like hydrogen/fuel cells. With our 2024 outlook we update our thoughts/ests for the group, u/g NOVA & ENPH to Buy,” as quoted by CNBC.
Other big solar names are going along for the ride, too.
First Solar (FSLR), for example, is up about $6.50 at the moment. Canadian Solar (CSIQ) is up about $4.30. Even the Invesco Solar ETF (TAN) is up about $2 on the day.
