Despite the lofty targets to cut emissions and boost capacity at the recently concluded COP28 summit, solar stocks across the board have seen mega double-digit price declines over the past year. In comparison, the 13% price decline in First Solar (NASDAQ:FSLR) shares during this period appears almost comforting for investors.
Today, this provider of advanced thin PV modules has announced the acquisition of a 1.2 million-square-foot facility in Ohio. Formerly called Peloton Output Park, the facility is expected to be used as a new distribution center for FSLR’s production facilities in Ohio. The company already has three production facilities in the region with a combined annual capacity of 6 GW.
Further, FSLR plans to expand this capacity to 7 GW this year. The company aims to invest over $2 billion in new production facilities in Alabama and Louisiana. Moreover, it plans to achieve an integrated U.S. solar production capacity of 14 GW by 2026. Earlier this month, FSLR unveiled a 3.3 GW solar manufacturing facility in Tamil Nadu, India. In contrast, SolarEdge (NASDAQ:SEDG) has announced a 16% global headcount trim as the company struggles to lift sales amid challenging macro conditions.
What are the Best Solar Stocks to Buy Now?
Amid these dynamics for the solar industry, analysts see a potential upside of 58% and 29%, respectively, for First Solar and SolarEdge. However, our data dig with the TipRanks Comparison Tool indicates the highest upside potential of 148% for Emeren Stock (NYSE:SOL), with an average price target of $2.04. To know the top five solar stocks for 2024, Click Here.
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