Higher rates are killing the clean energy stocks—BofA says these are worth buying

There's still value to be found among renewable energy stocks despite a rout, according to Bank of America. Leading renewable stock NextEra Energy Partners trimmed its growth forecast earlier this week, sparking a sell-off in the cleantech sector that has lasted for several days. Its stock tumbled about 27% so far this week, while its parent NextEra Energy is down 15% over the same period.

mountain FirstSolar stock. The firm's $45 per share price target on Nextracker represents more than 26% upside from Wednesday's $35.67 close. Dumoulin-Smith said shares could rise even higher if solar panel projects gain steam or if the cost of steel and freight transportation meaningfully decline. Shares have ticked up more than 9% from the start of 2023. NXT YTD mountain Nextracker stock. The firm maintains a $30 price target on Array Technologies and $96 for ConEd.

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Higher rates are killing the clean energy stocks—BofA says these are worth buyingBank of America is eyeing these renewable stocks to ride out turmoil in the sector.
Source: CNBC - 🏆 12. / 72 Read more »