Feb 02
Solar exchange traded funds led the charts today thanks to a buy recommendation for one of the sector’s largest players.
Goldman Sachs just added First Solar to its buy list, citing the company’s efforts at cuttings costs and reducing its exposure to debt-laden European markets.
The upgrade, says Murray Coleman at Barron’s, in turn lifted other industry members including Trina Solar , JA Solar and Yingli Green Energy , all of which are up as much as 5.5% in trading today.
The two existing pure-play solar ETFs, which are heavy in the above companies, are up nearly 5.5% in trading today:
It’s just the latest bit of good news for a sector that many analysts think has the potential to outperform this year after last year’s slide.
- are moving higher again. Interest in green energy technologies often moves inversely to the price of oil and other fossil fuels.
- President Obama recently stated his goal to have 80% of power coming from clean energy sources by 2035, which could spark a push for more legislation.
- It’s been a good year for solar so far: in the last month, solar ETFs have gained about 12%.
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