Bright Skies for Solar
With oil and gas prices showing no signs of letting up as the summer driving season takes off, solar companies are going to reap the benefits. At least that’s according to Van Der Moolen’s Brian Schaeffer.
On Thursday’s Closing Bell, Schaeffer said that the perfect storm is forming for solar stocks to run even more than they have over the last couple of years. For one, polysilicon, which is needed for most solar panels, is finally becoming feasible for mass production because prices are stabilizing. That will increase the margins for the solar complex as a whole, he said, and thus add to the bottom lines. The parabolic cost of oil will likely spark new interest in the industry as well.
As much as some of the solar names have ramped, Schaeffer noted that many are off their highs – and some have experienced as much as 50% pullbacks. SunPower , Evergreen and Trinity , for example, still have “significant upside” left, according to Schaeffer.
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