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Solar stocks sink as latest tax bill proposal targets clean energy credits

Shares of Enphase, First Solar, Sunrun, and others tumbled on the news.

Nia Warfield

Solar stocks lost their shine Tuesday after the latest draft of President Trump’s tax legislation proposed phasing out solar, wind, and other clean energy tax credits by 2028. Shares of Enphase Energy, First Solar, and SolarEdge all dropped more than 20% on the news.

The cuts would deal another blow to the once booming sector, which has already been hit by higher interest rates and cooling demand. Adding to the pressure: new regulations in California (the country’s biggest solar market) have sharply cut net metering benefits, slashing the credits homeowners earn for sending excess power back to the grid. That’s made residential solar a tougher sell as installation costs remain high.

Analysts say that while the new Senate proposal is clearly a negative for renewable energy names, it is a “significant improvement” from how things looked in the House. Senate Republicans are hoping to move fast to pass the bill before the Fourth of July.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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