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Enphase Energy

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

The company has delivered outsized returns to investors. At the beginning of 2020, shares were trading at around $29 per share. Today, they’re at $208.

That’s a gain of over 600%.

As you’d expect from this kind of share price performance, business is booming. In Q4 of 2022, Enphase generated $724.7 million of revenue, up 76% year-over-year and marking a new quarterly record for the company.

Citi analyst Vikram Bagri has a ‘buy’ rating on Enphase and a price target of $285, implying a potential upside of 37%.

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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’s defying the stock market’s selloff.

Over the past 12 months, First Solar shares surged 170%, in stark contrast to the S&P 500’s 8% decline during the same period.

In 2022, the company generated $2.6 billion in net sales. Management has provided net sales guidance of $3.4 billion to $3.6 billion for 2023.

Wells Fargo analyst Michael Blum has an ‘overweight’ rating on First Solar and a price target of $233. Since shares trade at around $203 today, the price target implies a potential upside 15%.

Tesla

Solar is not probably not the first word to come to mind when people think of Tesla (TSLA) — the company’s 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 its latest quarterly update.

Morgan Stanley analyst Adam Jonas has an ‘overweight’ rating on Tesla and a price target of $220 — roughly 23% above where the stock sits today.

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