3 Solar Stocks That Could Make Your Summer Unforgettable

Industry Overview - Solar stocks are gaining attention ahead of the 2024 election, with investors seeking policy measures to support solar adoption and stock performance [1] - The global solar power market is projected to reach $273 billion in 2024 and potentially grow to $436 billion by 2032, driven by low prices, technical innovations, and supportive government policies [1] - The Inflation Reduction Act provides a 30% federal tax credit for residential solar systems, retroactive to January 1, 2022, which has lowered installation costs and encouraged solar adoption [1] Company Highlights First Solar (FSLR) - First Solar reported an EPS of $3.25, exceeding projections of $2.69, with quarterly revenues of $1.01 billion, surpassing expectations of $941.5 million [3] - The company’s annual net income increased from $171 million to $349.4 million, and it has 75.9 gigawatts ordered through 2030 [3] - First Solar is building a $1.1 billion facility in Iberia Parish, aiming to boost U.S. production capacity to 14 GW and global capacity to 25 GW by 2026 [3] Brookfield Renewable Partners (BEP) - Brookfield Renewable has a consensus recommendation of "Strong Buy" with a price target of $31.42, indicating a potential upside of 32% from its current price of $23.66 [5] - The company reported quarterly sales of $875 million, exceeding projections of $828.39 million, despite a loss of $0.23 per share [5] - Brookfield is in discussions to acquire a controlling share in French renewable energy provider Neoen, valued at $9 billion, which will enhance its green energy portfolio [6] Array Technologies (ARRY) - Array Technologies has a price target of $17.66, suggesting a potential upside of 69% from its current price of $10.43 [7] - The company reported a profit of 6 cents per share, significantly higher than the expected loss of 2 cents, and achieved a record gross margin of 35.9% [7] - Array is involved in significant projects, including a 750 MWdc solar project in Ohio and a $50 million solar project in Albuquerque, New Mexico [8]