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Even as Sunnova Energy (NOVA), one of America’s top rooftop solar developers, filed for Chapter 11 bankruptcy protection, and solar finance platform Mosaic filed Chapter 11 paperwork last week, Wall Street appears hopeful about some segments of the solar industry, Avi Salzman writes at Barron’s.
SolarEdge Technologies (SEG) +11.4% in Tuesday’s trading as UBS analyst Jon Windham raised his price target to $20 from $17 while maintaining his Neutral rating, arguing the company can pivot its business model to utility solar and take some market share from Chinese companies in the residential market.
Residential solar developer Sunrun (RUN) +6%, and Salzman notes the company could be in position to take market share from its more troubled peers, although it is likely to face serious challenges; shares are down 15% YTD.
Among other solar names showing gains: Maxeon Solar Technologies (MAXN) +7.8%, Fluence Energy (FLNC) +4.4%, Enphase Energy (NASDAQ:ENPH) +4.2%, Array Technologies (ARRY) +3.3%, Canadian Solar (CSIQ) +3.2%, First Solar (FSLR) +2.4%, Shoals Technologies (SHLS) +2.1%.
Things could still get worse for the industry, as President Trump and the Republican Congress seek to overhaul or perhaps eliminate clean energy tax credits that were part of the Biden administration’s Inflation Reduction Act.
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