Research Notes: Enphase And AMSC

Analysing the downturn in two clean energy stocks: ENPH and AMSC.

Highlights:

• Clean energy optimism has faded in 2023, and the solar industry has been a clear victim of the change in sentiment.

• As a result, ENPH has been the worst performer in the S&P 500 in 2023 — but at the lows, the bull case still has two major holes.

• AMSC saw an unjustified short-term rally, but has an intriguing long-term case as a turnaround takes hold.

We take a look at two clean energy plays that have pulled back of late — admittedly, for very different reasons.