Temperatures are rising, and the United Nations is sounding the alarm.
“Unless drastic cuts in greenhouse gas (GHG) emissions are implemented immediately, global average warming is likely to exceed the Paris Agreement target of 1.5°C above pre-industrial levels within the next 10-15 years.” ,” the UN said in a new report.
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To try to solve the problem, the organization is exploring Solar Radiation Modification (SRM), which aims to rapidly cool the planet by reflecting sunlight back into space.
The report states, “SRM is the only known approach that can be used to cool the Earth within a few years.”
But the technology is not yet ready for deployment.
“There has been considerable progress in SRM research and significant progress in modelling, but we need more empirical evidence on the risks and potential consequences before we expose our sole environment to SRM technologies,” says Andrea Hinwood, UN Chief Scientist. Environmental program in the press release.
Certainly, the Sun is vital to life on Earth, and it serves as an important source of energy. Given the ongoing energy crisis, it may be wise to consider harnessing the power of the sun.
Luckily for him, we already have the necessary technology. Here’s a look at three solar stocks that are firing on all cylinders. Wall Street also sees upside in this trio.
enphase energy
Enphase (ENPH) is one of the world’s leading suppliers of microinverter-based solar and battery systems.
The company has given excellent returns to the investors. Shares were trading at around $29 per share in early 2020. Today, they’re at $208.
That’s a profit of over 600%.
As you’d expect from this kind of share price performance, business is booming. In the fourth quarter of 2022, Enphase generated revenue of $724.7 million, up 76% year-over-year and setting a new quarterly record for the company.
Citi analyst Vikram Bagri has a ‘Buy’ rating on Enphase and a $285 price target, indicating a potential upside of 37%.
first solar
First Solar (FSLR) produces solar panels for use in utility-scale solar power plants.
This is another player in the segment which is defying the stock market selloff.
Over the past 12 months, First Solar shares have gained 170%, while the S&P 500 declined 8% during the same period.
In 2022, the company will generate $2.6 billion in net sales. Management 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 $233 price target. Since shares are trading at around $203 today, the price target reflects a potential upside of 15%.
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Tesla
Solar probably isn’t the first word that comes 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 integrated solar power into its broader mission to accelerate the transition to sustainable energy.
Tesla offers solar panels for both residential and commercial use, as well as energy storage solutions such as the Powerwall and Powerpack.
The company is contributing towards the adoption of solar energy.
“Despite supply chain challenges, we plan to deploy 348 MW of solar power in 2022, the most deployment since 2017,” Tesla said in its latest quarterly update.
Morgan Stanley analyst Adam Jonas has an ‘overweight’ rating on Tesla and a $220 price target — about 23% above where the stock sits today.
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This article provides information only and should not be taken as advice. It is provided without warranty of any kind.