In a recent episode of “The Joe Rogan Experience” podcast, Tesla CEO Elon Musk talked about the huge potential of solar energy in addressing environmental concerns, economic interests, and geopolitical dynamics. Musk suggested that a mere 100 miles by 100 miles of solar panels could power the entire United States, emphasizing the sun’s abundant, maintenance-free energy conversion capabilities.
The Solar Energy Industries Association (SEIA) and Wood Mackenzie report a projected record addition of 32 GW of new solar capacity in the U.S. this year, marking a substantial 52% increase from 2022. This surge in solar adoption indicates the industry’s financial potential and its pivotal role in sustainable energy solutions.
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Here are three solar stocks capturing Wall Street’s attention:
Enphase Energy (ENPH):
Enphase, a global leader in microinverter-based solar and battery systems, has experienced significant growth, with shares soaring from $29 in early 2020 to over $90 today. Despite a recent dip, the company shipped 3,905,239 microinverters in the last quarter, generating $551.1 million in revenue. Goldman Sachs analyst Brian Lee maintains a “buy” rating on Enphase with a price target of $158, signaling a potential 70% upside.
First Solar (FSLR):
First Solar, a producer of solar panels for utility-scale solar power plants, exhibited a notable 72% surge in shares in 2022. While 2023 has seen a modest 2% increase year to date, JPMorgan analyst Mark Strouse upgraded First Solar from “neutral” to “overweight,” setting a price target of $220 — suggesting a potential 44% upside.
Tesla (TSLA):
Despite being synonymous with electric vehicles, Tesla, under Elon Musk’s leadership, has integrated solar energy into its mission of sustainable energy transition. Acquiring SolarCity in 2016, Tesla offers solar panels for residential and commercial use, alongside energy storage solutions like Powerwall and Powerpack. In 2022, Tesla deployed 348 MW of solar, showcasing its commitment to solar adoption. Morgan Stanley analyst Adam Jonas maintains an “overweight” rating on Tesla, projecting a price target of $380 — a 56% increase from the current stock value.
As the world grapples with the challenges of climate change and energy transition, these solar stocks exemplify the industry’s resilience, innovation, and promising future.
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