RBC cuts solar stock PTs amid US Senate plan to end tax credits by 2028
** RBC Capital Markets expects residential solar demand to take a big hit from proposed U.S. Senate reconciliation bill, which phases out solar energy tax credits by 2028
** Brokerage believes utility solar to be more resilient, as proposed revisions are less punitive and these projects are not limited by leasing restrictions
** "Our outlook for growing electricity demand remains strong and is a more direct and significant driver for utility-scale generation demand," - RBC Capital Markets
Brokerage cuts PT on following companies:
Company | New PT | Old PT | Upside/Downside to stock's last close |
Enphase Energy ENPH.O | $28 | $50 | 19.8% downside |
First Solar FSLR.O | $188 | $230 | 30.6% upside |
SolarEdge Technologies SEDG.O | $12 | $14 | 24.8% downside |
Sunrun RUN.O | $5 | $12 | 13.5% downside |
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