Solar StockInvestors who have been following the alternative energy market will be familiar with SunPower Corp. (NASDAQ: SPWR), a Solar Stock that we covered at the opening of this month. Since the last report, the market has slid heavily, and the economy is entering a recession due to the ongoing Coronavirus outbreak. Even with the market working against it, this stock has shown strength over the past week. It is currently up 35.57% over five days. Several factors make this a top alternative pick.

SunPower is a manufacturer of solar power systems and panels. After pullback on solar stocks, the market is now feeling more confident. This is largely due to an announced $2 trillion stimulus bill that Congress will vote on this week. The bill will support the economy as America faces its biggest health and financial crisis in recent memory. Some members of Congress are pushing for the bill to include tax credits for renewable energy companies. This would directly benefit SunPower in the coming months.

Oil prices have also factored into the increased confidence for this Solar Stock. Global prices are now stabilizing and the price of Brent Crude has actually increased. Solar alternatives become more competitive when oil prices rise. Analysts still predict an average target price of $8.83 on this stock, leaving a potential upside for investors who buy now.

Key Data:

  • 1 Year Price Growth: 72%
  • YTD Price Growth: -14.49%
  • 3 Month Price Growth: -17.04%

All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.