The Wall Street firm is predicting better-than-feared sales levels for renewable energy companies and sees big upside for several stocks.
Renewable energy stocks are setting up for a rally, according to Oppenheimer. While investors may be concerned about the impact of interest rates and a potential recession on the industry, the Wall Street firm expects better-than-feared sales levels, especially in the United States.
When Enphase Energy reported earnings in February, it beat expectations for both the fourth-quarter results and first-quarter guidance. Adjusted earnings came in at $1.51 per share for the fourth quarter, compared to Wall Street's estimate of $1.27 per share, according to FactSet. Revenue of $724.7 million topped the $706.8 million expected. Meanwhile, the company guided $700 million to $740 million in revenue for the first quarter, versus the $685.2 million expected.
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