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Enphase Energy

Enphase (ENPH) is one of the world’s leading suppliers of microinverter-based solar and battery systems.

The stock has had an interesting journey. At the beginning of 2020, shares were trading at around $29 per share. Today, they’re above $105.

While that’s a sizable gain in four years, it’s far from smooth sailing. For instance, Enphase shares surged 45% in 2022, but they tumbled in 2023 and are down 57% in the past year.

In the third quarter of 2023, the company shipped 3,905,239 microinverters and generated $551.1 million of revenue. Earnings came in at a dollar per share.

Goldman Sachs analyst Brian Lee has a “buy” rating on Enphase and a price target of $158, implying a potential upside of around 50%.

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First Solar

First Solar (FSLR) produces solar panels for use in utility-scale solar power plants.

It’s another player in the segment that attracted substantial investor attention in recent years.

In 2022, First Solar shares surged 72%, in stark contrast to the S&P 500’s 19.4% drop during the same period.

However, the stock has declined 18% in the past year.

In Q3, the company reported revenue of $801 million, a decrease of about $10 million from the second quarter. Management primarily attributed this decline to a reduction in the volume of modules sold.

In October, JPMorgan analyst Mark Strouse upgraded First Solar from “neutral” to “overweight.” The analyst has a price target of $226 on the company, implying a potential upside of around 55%.

Read more: Retire richer — why people who work with a financial advisor retire with an extra $1.3 million

Tesla

Solar is probably not the first word that comes to mind when people think of Musk’s own company, Tesla (TSLA)— its primary business is making electric vehicles.

However, Tesla deserves a spot on this list because it acquired SolarCity in 2016. The company has since integrated solar energy into its broader mission of accelerating the transition to sustainable energy.

Tesla offers solar panels for both residential and commercial use, as well as energy storage solutions like the Powerwall and Megapack.

Unfortunately, Tesla's solar business is in decline, but its energy storage business is booming. The company saw its highest quarterly deployment of energy storage ever in Q3 2023, up 90% from the same period last year.

Morgan Stanley analyst Adam Jonas has an “overweight” rating on Tesla and a price target of $380 — 77% above where the stock sits today.

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Jing Pan Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

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