This Wall Street company is betting big on these 3 solar stocks – 24/7 Wall St.

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Energy prices have increased this year. Russia has reined in Europe, and countries, businesses and consumers are looking for alternatives. While everyone is trying to understand the oil and gas markets, one player on Wall Street is considering something completely different.

Truist made a few calls Monday morning focused on solar stocks. Each of these calls shows an increase of at least 10%, and there could be many more.

Although headwinds have dampened markets in general, Truist thinks a few of these stocks could offer solid upside at the moment. This industry has been impacted by the spread of the coronavirus and could benefit from a strong summer season as concerns over the pandemic appear to have eased.

It is important to remember that no single analyst report should be used as the sole basis for any buy or sell decision.

SunPower Corp. (NASDAQ: SPWR) is a solar service provider that provides solar power, storage and home energy solutions primarily in the United States and Canada. The company operates everywhere, from residential to industrial. Truist took cover again with a Hold odd, but his price target of $18 implies a 9% upside from the last closing price of $16.51.

SunPower stock has a 52-week trading range of $14.00 to $34.61, and it traded near $17 on Monday. Shares are down about 21% year-to-date.

SolarEdge Technologies Inc. (NASDAQ: SEDG) operates through five segments: solar, energy storage, e-mobility, critical power and automation machinery. The company offers inverters, power optimizers, communication devices and smart energy management solutions used in residential, commercial and small-scale solar installations. The company is headquartered in Israel. Truist took cover again with a Buy rating and a price target of $340, implying a 36% upside from the most recent close at $250.41.

The stock was trading at around $253 on Monday, within a 52-week trading range of $199.33 to $389.71. SolarEdge stock is down nearly 11% year-to-date.

Sunnova Energy International Inc. (NYSE: NOVA) is another solar company, but it focuses primarily on residential services in the United States. At the end of 2021, the company operated a fleet of residential solar power systems with a generating capacity of approximately 1,140 megawatts serving more than 195,000 customers. Truist took cover again with a Buy rating and a price target of $32, implying an 85% upside from the most recent close price of $17.27.

The stock traded at around $17 on Monday and has a 52-week trading range of $13.90 to $46.40. Sunnova shares are down 38% since the start of the year.

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