4 Solar Stocks Set to Soar: Don’t Miss Out on Triple-Digit Growth!

The solar sector has been basking in the glow of remarkable gains, attracting the spotlight from savvy investors and major financial institutions alike. With stocks in this space experiencing triple-digit percentage growth within just a few months, it’s no wonder the excitement is palpable. Today, we’re diving deep into the solar stock frenzy powered by **Goldman Sachs’** bullish outlook, revealing the top picks that could keep lighting up your portfolio.

If you’ve invested in solar stocks this year, you’ve likely got a big sunny smile on your face. Stocks in the sector have been on fire, with many of the stalwarts logging triple-digit percentage gains in the last six months. The **Guggenheim Solar ETF** ([TAN](https://themarketmonitors.com/stock/quote/TAN/)), which holds a basket of the solar standouts, is up more than 50% year-to-date and more than 75% over the past six months. These gains underscore the stellar performance of solar stocks, making it an attractive avenue for diversification. Investors have been basking in the fruitful returns, but is there more sunshine ahead?

Enter **Goldman Sachs**, ready to fan the flames of this already scorching sector. Recent bullish notes from Goldman’s analysts, including industry expert Brian Lee, signal sustained confidence. **Goldman Sachs** believes strong earnings growth and robust demand metrics, especially from powerhouses like China, Japan, and the U.S., could propel the sector even higher. But which stocks are poised to shine the brightest?

Editor's Note: Analysis and insight for this article were originally sourced from our friends at InvestorPlace

Guggenheim Solar ETF (TAN)

Invesco Solar ETF

TAN

$48.91

2%

Representing a broad array of leading solar companies, the **TAN ETF’s** impressive rise mirrors the overall bullish trend in solar equities. With its diversified composition, **TAN** provides a substantial entry point for investors eyeing the sector’s momentum. Holding key industry players, it stands as a microcosm of the solar sector’s potential and a beacon of its upward trajectory.

Analyst Ratings and Forecasts

Summary of Analysts’ Outlook

Analysts are bullish on **TAN**, with a consensus rating of Overweight. The average price target of $94.50 suggests a potential gain of 14.1% from the current price. This optimism is likely driven by the growing demand for renewable energy and the increasing adoption of solar power globally.

First Solar (FSLR)

First Solar, Inc.

FSLR

$247.69

3%

**First Solar** ([FSLR](https://themarketmonitors.com/stock/quote/FSLR/)) has nearly doubled its share value in the past six months, making it the heavyweight in the solar arena. As the largest holding in **TAN**, **FSLR** enjoys a prestigious position with a compelling growth narrative. **Goldman Sachs** recently upgraded **FSLR** to a “buy” from “neutral,” setting a new price target at $64. This optimistic outlook is fueled by anticipated robust earnings growth.

Authority’s Perspective: Goldman’s Take

Brian Lee, **Goldman Sachs’** reputable solar analyst, cited strong earnings growth and the extensive potential for future gains. **Goldman’s** endorsement highlights **FSLR’s** solid fundamentals and positivity from institutional investors. Being a leading player with forecasted strong earnings, **FSLR** is an inviting cornerstone for those looking to fortify their stake in solar energy.

Analyst Ratings and Forecasts

Summary of Analysts’ Outlook

Analysts have a positive outlook on **First Solar**, with a consensus rating of Overweight. The average price target of $123.15 implies a potential gain of 24.1% from the current price. This suggests that analysts believe the stock has room for growth and are optimistic about the company’s future performance.

MEMC Electronic Materials (WFR)

1750769

WFR

$0.0000

0%

**MEMC Electronic Materials** ([WFR](https://themarketmonitors.com/stock/quote/WFR/)) has surged over 165% in the past six months, making it one of the standout performers in the solar segment. **Goldman Sachs** elevated **WFR** to its “Conviction List buy” from “buy,” with a $10 price target. Such a strong endorsement positions **WFR** as a promising prospect, signaling a strong potential for future appreciation.

Authority’s Perspective: Goldman’s Take

**Goldman Sachs** considers **WFR** its top idea in the space. Brian Lee’s recent upgrade of **WFR** to the Conviction List emphasizes its sterling outlook. Based on significant price jumps and their strong backing from **Goldman**, **WFR** has become an essential addition to a diversified renewable energy portfolio. As one of **Goldman’s** top picks in the solar space, **WFR** exemplifies the bullish belief in solar’s future.

Analyst Ratings and Forecasts

Summary of Analysts’ Outlook

Analysts have a neutral outlook on **Weatherford International**, with a consensus rating of “Hold”. The average price target of $4.13 suggests a potential gain of 34.1% from the current stock price. While some analysts see value in the company’s efforts to reduce debt and improve operational efficiency, others remain cautious due to the ongoing challenges in the oil and gas industry.

SunPower (SPWR)

SunPower Inc.

SPWR

$2.04

3%

**SunPower** ([SPWR](https://themarketmonitors.com/stock/quote/SPWR/)) has witnessed a whopping 330% increase over the last six months, marking it as a phenomenal performer in the sector. Despite its massive gains, **Goldman Sachs** upgraded **SPWR** to “neutral” from “sell” with an $18 price target. Such an upgrade post-phenomenal growth showcases confidence in sustained performance.

Authority’s Perspective: Goldman’s Take

**SPWR’s** immense growth and subsequent endorsement by Brian Lee highlight its formidable potential. Despite its late entry, **Goldman Sachs** notes significant promising aspects of **SPWR**. It’s not only a phenomenal performer amid a glowing sector but also demonstrates continued lucrative opportunities in solar investments.

Analyst Ratings and Forecasts

Summary of Analysts’ Outlook

Analysts have a bullish outlook on **SunPower Corporation**, with a consensus “Overweight” rating, indicating a “Buy” recommendation. The average price target of $24.15 suggests a potential gain of 34.1% from the current price. Most analysts believe that the company’s strong pipeline of projects, increasing demand for solar energy, and cost reductions will drive growth and improve profitability.

The solar sector’s radiant rise, magnified by ETFs like **TAN** and fueled by individual stocks, corroborates a bullish outlook buoyed by key financial institutions. While recent sharp rises might suggest caution, the long-term potential remains robust.

However, the backing from major players like **Goldman Sachs** emphasizes that despite recent growth, there’s ample sunshine still left in solar stocks. The potential for strong earnings, coupled with growth in demand across major global markets, signals that the solar trend is here to stay.

For our astute readers, this analysis underscores the value of looking beyond immediate gains to see the future’s bright possibilities. Solar stocks could play a pivotal role in a well-diversified investment strategy, promising not just growth but long-term profitability in the renewable energy landscape.

So, gear up, do your thorough research, and consider these stocks as you harness the power of the sun in your portfolio. The future sure looks sunny for solar investments!