Wells Fargo is getting more bullish on shares of First Solar , Sunnova Energy and Sunrun , expecting margins to improve as supply chains ease and raw material costs decline. Analyst Michael Blum upgraded all three clean energy stocks to overweight in a note to clients Friday, citing tailwinds from growing demand for solar amid Europe’s energy crisis and recently passed Inflation Reduction Act in the U.S. “While continued Fed tightening in early 2023 will likely act as a near-term headwind, the fundamental and regulatory backdrop is much improved in 2023 and beyond,” he wrote. “With most regulatory overhangs in the rearview mirror, strong underlying demand (especially in Europe), and legislative support from IRA, we turn more bullish.” Shares of all three stocks gained more than 1% before the bell. An easing of regulatory headwinds, and improving margins and supply chains should also…
Wells Fargo upgrades these clean energy names, says climate bill benefits have yet to materialize
