JPMorgan analyst Paul Coster remains constructive regarding Alternative Energy fundamentals heading into 2020. He looks for "at-trend" ~$300 billion of investment in 2020 to fund over 200GWs of wind and solar installations, up 10% year-over-year, globally. Adoption is being spurred by falling cost/watt of wind, solar and storage driven by scale and innovation, Coster tells investors in a research note. The analyst's top picks into 2020 are First Solar, SolarEdge (SEDG) and Sunnova Energy (NOVA). He also has Overweight ratings on Bloom Energy (BE), Enphase Energy (ENPH), Hannon Armstrong (HASI), and TPI Composites (TPIC).

Jefferies analyst Dushyant Ailani downgraded Enphase Energy to Hold from Buy with a price target of $111, down from $135. The firm expects residential macro headwinds to persist and while it says Enphase management continues to take the right steps in managing under shipment and expanding internationally, delayed interest rate cuts and weaker U.S. demand push out its forecasts for a recovery. The firm, which expects the recovery to be slower than its prior expectations, lowered its FY24 and FY25 EPS forecast to $2.91 and $4.90, which it notes are 3% and 6%, respectively, below consensus.

BMO Capital analyst Ameet Thakkar lowered the firm's price target on Enphase Energy to $113 from $118 and keeps a Market Perform rating on the shares after its Q1 earnings miss and "underwhelming" Q2 revenue guidance. The firm is also less confident in the company's ability to achieve the upper end of what it had described as $450M-500M normalized demand, reducing its FY24 EPS view to $3.28 from $3.71 and its FY25 view to $5.93 from $6.21.

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Guggenheim analyst Joseph Osha downgraded Enphase Energy to Sell from Neutral with a $92 price target.

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As previously reported, Evercore ISI analyst Sean Morgan upgraded First Solar to Outperform from In Line with an unchanged price target of $227. The market is expecting the Biden administration to remove a trade exemption for bifacial solar modules imported to the U.S., which now represent about 98% of U.S. solar imports, the analyst noted. Solar panel imports skyrocketed in 2023 to 54GW and some market participants have stated that reliance on imports and oversupply are negatively impacting solar domestic factories, which have been a priority for the current U.S. administration, putting pressure on greater U.S. trade protections and policy support, the analyst added.

Evercore ISI analyst Sean Morgan upgraded First Solar to Outperform from In Line with a $227 price target.