California recently became the first state in the country to require solar panels for all new homes. The rule is set to go into effect starting in 2020. It’s part of the state’s plan to cut energy use int new homes by more than fifty percent. This sort of mandate from the largest state in the union instantly created huge upcoming demand for solar. That news was enough to get investors excited about solar stocks just like today’s Bull of the Day, Canadian Solar (CSIQ - Free Report) .
Now before you start raging about how this is a Canadian company, not a US company, understand the size and scope of Canadian Solar. Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems. The company also provides specialty solar products consisting of Andes Solar Home System, an off-grid solar system that provides an economical source of electricity to homes and communities without access to grid; and Maple Solar System, a clean energy solution for families, as well as solar system kits, which are a ready-to-install packages that consist inverters, racking systems, and other accessories. The company has operations in North America, South America, Europe, Africa, the Middle East, Australia, and Asia.
The company is currently a Zacks Rank #1 (Strong Buy). The reason for the favorable Zacks Rank is the recent bullish behavior coming from analysts. Over the last week, four analysts have increased their earnings estimates for the current year. The huge moves have pushed up the Zacks Consensus Estimate for the current year from $1.40 to $2.06. That now represents EPS growth of 21.89% on revenues estimated to be 32.45% higher than last year.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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