Solar stocks sink as Truist cuts price targets; Plug Power -11%
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Plug Power (PLUG
-11.6%) plunges within a few cents of a 52-week low amid broad weakness in residential solar and alternative energy stocks, as Truist slashes its price target to $27 from $44 and cuts PTs on several solar stocks, citing U.S. policy uncertainty and a shift in investor risk premiums for all alt energy names in the current interest rate environment.

While the alternative energy space tends to see seasonal strength around this time, Truist analyst Tristan Richardson says the rising rate environment, which is making growth stocks less attractive, and risks associated with supply chain dynamics are weighing on the sector.
Richardson also cuts targets for Array Technologies (ARRY
-5.8%) to $14 from $27, Ballard Power Systems (BLDP
-9.7%) to $13 from $18, Bloom Energy (BE
-9.2%) to $20 from $33, Enphase Energy (ENPH
-7.8%) to $200 from $290, Generac (GNRC
-1.4%) to $425 from $500, Shoals Technologies (SHLS
-8.1%) to $20 from $34, SolarEdge (SEDG
-5.8%) to $340 from $395, Sunnova (NOVA
-7%) to $32 from $53, SunPower (SPWR
-5.4%) to $20 from $35, and Sunrun (RUN
-8.1%) to $52 from $76.
The companies expect to see some supply chain relief in their Q4 results but earnings will remain "handicapped" due to continuing global supply strains, Richardson says.
ETFs: TAN, ICLN, QCLN, PBW, PBD, ACES, CNRG, SMOG, ERTH

Plug shares have plummeted more than 15% in recent days since the company reiterated 2022-25 guidance while offering a bullish outlook on the electrolyzer business.