The investment firm said the two solar stocks could see upside even after their gains this year.
The outlook is rosy for SolarEdge Technologies and First Solar , according to Goldman Sachs. Analyst Brian Lee named the two solar stocks among his top picks heading into 2023, saying they can add to this year's gains. "While solar equities outperformed in 2022 vs. R2K, stocks are still ~20% below early '21 peak levels and valuations remain below pre-IRA levels," Lee wrote in a Sunday note.
The analyst expects they'll continue to get a boost from the IRA in the years ahead, as supply expands to meet growing demand. "We forecast global solar installs to grow ~40% in 2023 to ~320GW. Across end markets, we prefer exposure to US utility-scale levered names," he wrote. Shares of SolarEdge Technologies have climbed more than 14% this year. Lee expects they have an "attractive risk-reward" as the company continues to improve margins heading into next year.
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