Boone Pickens made his billions in the oil patch, but he's looking for alternate energy to be the next big source of power for the economy. Should you follow him?

Solar stocks have been some of the best performers over the past year, but are down from their highs. Are they worth their price at these levels, or overvalued?

Most of the solar stocks are making good money, explains Lehman Brothers analyst Vishal Shah on CNBC’s Closing Bell. They’re producing real earnings growth.

And given the recent pullback in the sector I think these stocks are trading at compelling valuations. For example, the solar sector P/E is less than that of software sector P/E.

What's your favorite name?

My favorite stock in the space is First Solar , he adds because it has a low cost structure. I think there’s potential for significant top line growth for this company.

I’m skeptical, counters Karen Finerman. I think these stocks are richly valued; they could be way ahead of themselves. But the space is so unpredictable I wouldn’t short them, either. I think investors should just stay away.

Read More:

>Is Pickens Right About Oil?

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