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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 $90.

While that’s a sizable gain in less than four years, it’s far from smooth sailing. For instance, Enphase shares surged 45% in 2022, but they’ve tumbled more than 60% in 2023.

In the most recent quarter, the company shipped 3,905,239 microinverters and generated $551.1 million of revenue. Earnings came in at 80 cents 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 70%.

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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.

Shares have fared less well in 2023, rising only around 2% year to date.

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

JPMorgan analyst Mark Strouse recently upgraded First Solar from “neutral” to “overweight.” The analyst has a price target of $220 on the company, implying a potential upside of 44%.

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 Powerpack.

The company is contributing to the adoption of solar energy.

“Despite supply chain challenges, we deployed 348 MW of solar in 2022, the highest deployment since 2017,” Tesla said in an investor update earlier this year.

Morgan Stanley analyst Adam Jonas has an “overweight” rating on Tesla and a price target of $380 — roughly 56% above where the stock sits today.

More: 5 more solar energy stocks to power your portfolio

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About the Author

Jing Pan

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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