Green energy stocks are falling after U.S. President Donald Trump took steps to claw back funding for projects involving wind, solar, and hydropower.
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First Solar (FSLR), Enphase Energy (ENPH), and Next Era Energy (NEE), and others, are in the red after Trump directed all federal agencies to immediately suspend the allocation of funds that support clean energy initiatives and green energy infrastructure.
FSLR stock, a leader among solar energy companies, is down 5% on news of the federal government funding cuts. Trump and his team have clean energy in their sights, having declared a “national emergency” and promising to let crude oil and natural gas companies, “drill, baby, drill.”
Countering Climate Change
Trump has also taken steps that run counter to efforts aimed at stemming climate change, pulling the U.S. out of the Paris Climate Accord and signing executive orders to boost natural gas exploration in Alaska and oil drilling in U.S. coastal waters.
The moves by Trump’s administration fly in the face of scientific warnings about the rising dangers of climate change. They also come as the City of Los Angeles in California continues to battle historic wild fires that have, to date, caused more than $150 billion in damages.
Is FSLR Stock a Buy?
First Solar stock has a consensus Strong Buy rating among 23 Wall Street analysts. That rating is based on 20 Buy and three Hold recommendations assigned in the past three months. The average FSLR price target of $270.17 implies 55.58% upside from current levels.
