5 Most Promising Solar Stocks According to Analysts

4. Ameresco, Inc. (NYSE:AMRC)

Average Analyst Price Target: $71.5

Ameresco, Inc. (NYSE:AMRC) is a green energy company based in Massachusetts. Ameresco, Inc. (NYSE:AMRC) ranks 4th in our list of the most promising solar stocks according to analyst as its average price target stands at $71.5 according to WSJ data.

Alger Capital made the following comment about Ameresco, Inc. (NYSE:AMRC) in its Q3 2022 investor letter:

“Ameresco, Inc. (NYSE:AMRC) is one of largest energy service companies in North America. The company provides design and implementation of infrastructure upgrade projects, aimed at reducing energy usage, and manages onsite operations and maintenance following the completion of projects. Energy efficiency is an underappreciated dimension of decarbonization, and Ameresco is one of the few public companies with a high degree of leverage to improve the efficiency of buildings.

Shares outperformed during the quarter after the company reported better than expected second quarter earnings which beat analysts’ estimates. Notably, year-over-year revenue growth was up 111%, driven by the second full quarter of revenue recognition from the contract to build battery systems for Southern California Edison. Moreover, we believe the clean energy company is a key beneficiary of the Inflation Reduction Act, passed into law on August 16th, which provides funding for clean energy production.”