(C) Reuters. 3 Solar Stocks Wall Street Predicts Will Rally by More Than 20%
Increasing governmental policy support worldwide to achieve net zero carbon emissions has incentivized Wall Street to place huge bets on the renewable energy industry. Consequently, many solar companies are finding new ways to capitalize on the industry tailwinds, and analysts expect Enphase Energy (NASDAQ:ENPH), SolarEdge (SEDG), and ReneSola (SOL) to deliver more than 20% returns in the next 12 months. Let’s discuss these names in more detail.The renewable energy industry has been surging since the second half of 2020 on investor optimism surrounding policy support from governments around the world to achieve net-zero carbon emissions. Because solar is one of the most popular renewable energy sources, shares of companies in the sector have been surging over the past year. Furthermore, President Biden’s interest in the electrification of vehicles over the next few years is motivating various solar companies to find efficient ways to charge electric vehicles with solar power.
Given the current industry tailwinds, Wall Street is placing huge bets on the solar industry. This has driven a rally in solar stocks, as evidenced by Invesco Solar Portfolio ETF’s (TAN) 210.4% returns over the past year versus S&P 500’s 50% gains.
Based on consensus price targets, we think prominent solar stocks Enphase Energy, Inc. (ENPH), SolarEdge Technologies, Inc. (NASDAQ:SEDG), and ReneSola Ltd. (SOL) have the potential to rally by more than 20% in the next 12 months.
3 Solar Stocks Wall Street Predicts Will Rally by More Than 20%
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