US clean energy firms: IRA changes to dominate Q2 focus, says RBC

Nextpower

15/07/2025 12:59

** RBC Capital Markets says implications of changes to the Inflation Reduction Act (IRA) will be a focal point in Q2 for U.S.-based clean energy companies

** Brokerage expects the Q2 focus to be on commentary on longer term demand, pricing, and the competitive landscape

** Expects investors to be looking for safe harbor activity, given the uncertainty with the new safe harbor guidance for the investment tax credits (ITC) for wind and solar

** "Overall sentiment has improved since the One Big Beautiful Bill Act (OBBB) passed, but some uncertainty lingers on the potential for more restrictive safe harbor guidance which we don't believe is reflected in residential solar shares"

** RBC changes price target on the following companies:

Company
New PT
Old PT
Upside/downside to stock's last close
Array Technologies ARRY.O
$9
$8
21.5%
Bloom Energy BE.N
$27
$26
4%
Enphase Energy ENPH.O
$33
$28
21.4% downside
First Solar FSLR.O
$201
$200
25%
GE Vernova GEV.N
$561
$445
1.1%
NEXTracker NXT.O
$67
$65
12%
SolarEdge Technologies SEDG.O
$22
$12
17.6% downside
SunRun RUN.O
$12
$5
15.8%

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))