7 Solar Stocks That Could Make Your February Unforgettable

Core Viewpoint - The article highlights seven solar stocks that are attractive for investment in February 2024, emphasizing their growth prospects and favorable valuations driven by government policies supporting renewable energy adoption [1]. Group 1: Company Summaries - SunPower (SPWR): Reported GAAP revenue of $432 million and a net loss of $32 million for the quarter, but added 18,800 customers. The company has a backlog of over 18,100 retrofit installations and strong sales of SunVault energy storage systems, particularly in California [2][3]. - Atlantica Sustainable Infrastructure (AY): Maintained stable revenues of $858.6 million and EBITDA of $627.3 million. Cash available for distribution grew by 2.9% year-over-year to $184.2 million. Analysts project a 33.53% increase in stock price [5]. - Nextracker (NXT): Achieved revenue of $710 million, a 38% year-over-year increase, with GAAP net income of $128 million. The company raised its fiscal 2024 guidance for adjusted EBITDA to between $475 million and $500 million, indicating strong growth potential [6][7]. - Canadian Solar (CSIQ): Reported a 39% year-over-year increase in solar module shipments to 8.3 GW, with net revenues of $1.85 billion and a gross margin of 16.7%. Analysts expect a 44.60% rise in stock valuation within the next twelve months [9]. - Altus Power (AMPS): Reported revenues of $45.1 million, a 48% increase year-over-year, with GAAP net income of $6.8 million. The company reaffirmed its adjusted EBITDA guidance of $97-103 million for 2023 [10]. - Shoals Technologies (SHLS): Anticipates net income of $46 million for 2023 and $122 million for 2024, with a significant backlog indicating high demand. The company is considered 55.58% undervalued based on analyst consensus [12]. - Sunrun (RUN): Reported a 20% growth in customer additions, reaching a total of 869,464 customers. The company installed 296.6 MW of solar capacity and expects to benefit from potentially decreasing interest rates, enhancing competitiveness against utility prices [13].