Green-Energy Stocks Rise on Earth Day as Biden Starts Climate Summit

This post was originally published on this site

Shares of alternative energy stocks like FuelCell Energy (FCEL) – Get Report, SolarEdge Technologies  (SEDG) – Get Report, Enphase Energy  (ENPH) – Get Report and others were rising on Earth Day as U.S. President Joe Biden kicked off a global climate summit. 

The president invited 40 world leaders to the summit, which he will host today and Friday. The virtual summit is being live-streamed for public viewing. 

“The Leaders Summit on Climate will underscore the urgency — and the economic benefits — of stronger climate action,” the White House said in a statement. 

“It will be a key milestone on the road to the United Nations Climate Change Conference this November in Glasgow.” 

At last check shares of FuelCell Energy jumped 6.7% to $9.92, while SolarEdge moved up 7.5% to $274.09, and Enphase gained 6.4% to $165.06.

First Solar  (FSLR) – Get Report added 5.1% to $87.93.

Read More: Best Green Energy Stocks to Buy in a Biden Presidency 

Earlier this week, First Solar was upgraded to buy by Citigroup analysts, who raised their price target on the shares to $100 from $88. 

Analyst J.B. Lowe sees multiple positives ahead for the Tempe, Ariz., company, including the potential inclusion of a 10-year solar tax credit extension and the revival of the 48C advanced manufacturing tax credit.

Lowe also sees U.S. trade policy benefiting the company, including the extension of Section 201 tariffs on imported Chinese panels and possible sanctions against Xinjiang-sourced solar products. 

NextEra Energy  (NEE) – Get Report, the world’s largest publicly traded clean-energy utility company, rose 1.1% too $78.75. 

The move reversed some of the losses the company saw Wednesday after the company reported mixed first-quarter results.