In the past month, solar stocks have underperformed in the broader market, but there are bargains in the sector that could be picked up amid improving fundamentals, according to an analyst at Goldman Sachs.
The Solar Stock Analyst: Brian Lee upgraded shares of Sunrun Inc (NASDAQ:RUN), with a $77 price target. On the other hand, the analyst downgraded SunPower Corporation (NASDAQ:SPWR) from Buy to Neutral and reduced the price target from $42 to $32.
The Solar Stock Theses — 3 Key Reasons to Be Positive On Solar Stocks: The solar industry is seeing solid fundamentals and have had momentum since the start of the year, analyst Lee said in a note. U.S. solar demand, the analyst said, is back to pre-pandemic levels.
"Our ongoing channel checks with downstream distributors and installers also resonate with our expectations that demand heading into 2021 remains strong," Lee wrote in the note.
Secondly, financing conditions are robust for the solar industry, despite rising interest rates, the analyst said. Additionally, President Joe Biden's focus on clean energy infrastructure is seen as a positive catalyst, according to Lee.
Although solar stocks aren't really cheap in absolute terms, the average P/E has compressed by about seven turns since the beginning of 2021, the analyst said. This is despite an aggregate 8% upward revision to earnings estimate, he added.
Goldman highlighted Sunnova Energy International Inc (NYSE:NOVA), Enphase Energy Inc. (NASDAQ:ENPH) and Array Technologies Inc (NASDAQ:ARRY) as top solar ideas.
Related Link: If You Like SolarEdge, Check Out These 3 Companies
Bullish On Sunrun's Fundamentals: Given the major sell-off in Sunrun shares due to macro factors, the risk-reward has become more attractive at the current levels, analyst Lee said.
Lee is bullish on Sunrun's fundamentals, and the company is likely to outpace in the near term, thanks to market expansion.
Potential positive financing catalysts and ongoing growth acceleration, the analyst said, will buoy shares in the near-to-medium term.
SunPower's Risk-Reward Balanced: SunPower shares are up over 214% since they were added to the Americas Buy List on June 17, 2019, compared to a mere 49% advance by the Russell 2,000 Index, Lee noted.
The stock, the analyst said, has increased over eight times in the past year.
Goldman's revised $32, 12-month target, Lee said, implied less upside from here versus residential solar peers as well as relative to other solar names under coverage.
"While fundamentally we continue to see SPWR well-positioned within the solar space, we now see risk-reward as being more balanced at these levels relative to Buy-rated peers with similar resi solar exposure such as NOVA, as well as ENPH," the analyst wrote in the note.
Solar Stocks Price Action: At last check Tuesday afternoon, Sunrun was down 0.25% to $57.24 and SunPower was down 5.79% to $32.45.
Related Link: Looking Into SunPower's Return On Capital Employed
(Photo: Emojione via Wiki Commons)
高盛(Goldman Sachs)的一位分析师表示,过去一个月,太阳能类股在大盘中表现不佳,但在基本面改善的情况下,该行业有逢低买入的机会。
太阳能股票分析师:Brian Lee上调了Sunrun Inc(纳斯达克股票代码:RUN)的股票评级,目标价为77美元。另一方面,分析师将SunPower Corporation(纳斯达克股票代码:SPWR)的评级从买入下调至中性,并将目标价从42美元下调至32美元。
太阳能股票主题-看好太阳能股票的3个关键原因:分析师Lee在一份报告中表示,太阳能行业正看到坚实的基本面,自今年年初以来一直有增长势头。这位分析师说,美国的太阳能需求已恢复到大流行前的水平。
李开复在报告中写道:“我们与下游分销商和安装商正在进行的渠道检查也与我们的预期产生了共鸣,即进入2021年的需求依然强劲。”
其次,这位分析师表示,尽管利率上升,但太阳能行业的融资状况依然强劲。此外,李表示,美国总统乔·拜登(Joe Biden)对清洁能源基础设施的关注被视为积极的催化剂。
这位分析师说,尽管太阳能股票的绝对值并不便宜,但自2021年初以来,平均市盈率已经压缩了大约七个转折。他补充说,尽管盈利预期总共上调了8%,但仍是如此。
高盛强调Sunnova Energy International Inc(纽约证券交易所股票代码:NOVA)、Enval Energy Inc.(纳斯达克股票代码:ENPH)和Array Technologies Inc.(纳斯达克股票代码:ARRY)是顶级太阳能公司。
相关链接:如果您喜欢SolarEdge,请查看以下3家公司
看好Sunrun的基本面:分析师Lee表示,鉴于宏观因素导致Sunrun股票大幅抛售,在目前的水平上,风险回报已变得更具吸引力。
Lee看好Sunrun的基本面,得益于市场扩张,该公司可能在短期内超越市场。
这位分析师表示,潜在的积极融资催化剂和持续的增长加速将在中短期内提振股价。
Lee指出,SunPower的风险-回报平衡:SunPower的股价自2019年6月17日被添加到美洲买入名单以来上涨了214%以上,相比之下,罗素2000指数仅上涨了49%。
这位分析师表示,该股在过去一年中上涨了8倍以上。
Lee表示,高盛修正后的32美元12个月目标意味着,与住宅太阳能同行以及覆盖范围内的其他太阳能公司相比,这一目标的上行空间较小。
这位分析师在报告中写道:“虽然从根本上说,我们继续看到SPWR在太阳能领域处于有利地位,但我们现在认为,与Nova和ENPH等拥有类似REI太阳能敞口的买入评级同行相比,SPWR在这些水平上的风险回报更加平衡。”
太阳能股价格行动:周二下午的最新调查显示,Sunrun下跌0.25%,至57.24美元,SunPower下跌5.79%,至32.45美元。
相关链接:SunPower资本回报率调查
(图片来源:Emojione通过Wiki Commons)