Solar Stocks Are Rallying Wednesday: What's Going On?
Portfolio Pulse from Vaishali Prayag
Solar stocks are rallying due to President Biden's announcement of increased tariffs on Chinese imports, including a significant hike on solar cells. Canadian Solar, Enphase Energy, First Solar, and SolarEdge Technologies are all trading higher. SunPower also surged after announcing it will offer Tesla's Powerwall 3.
May 22, 2024 | 7:22 pm
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POSITIVE IMPACT
Canadian Solar shares rose 10.8% to $17.55, driven by Biden's tariff announcement and a Buy rating from Roth MKM analyst Philip Shen.
The combination of increased tariffs on Chinese solar cells and a positive analyst rating has boosted investor confidence in Canadian Solar.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Enphase Energy shares increased by 8.09% to $120.49, influenced by the tariff news and a new Sell rating from GLJ Research analyst Gordon Johnson.
The tariff news has a positive impact on Enphase Energy, although tempered by a new Sell rating from an analyst.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
First Solar shares surged 16.7% to $247.30 following the announcement of increased tariffs on Chinese solar cells.
First Solar is likely to benefit significantly from the increased tariffs on Chinese solar cells, leading to a strong positive reaction in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SolarEdge Technologies shares rose 6.46% to $51.57 in response to the tariff news.
The increased tariffs on Chinese solar cells are expected to benefit SolarEdge Technologies, resulting in a positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
SunPower shares surged by around 15% after announcing it will offer Tesla's Powerwall 3 as part of its solar and storage products.
The announcement of adding Tesla's Powerwall 3 to its product lineup has significantly boosted SunPower's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100