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3 Renewable Energy Stocks Wall Street Predicts Will Rally 60% or More

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The renewable energy industry is expected to achieve robust growth thanks to favorable government policies to address climate change concerns. As such, we think renewable energy stocks Azure Power (AZRE), PowerCell Sweden (PCELF), and Beam Global (BEEM) could now be good additions to one’s watch list. Further, Wall Street analysts expect these names to rally 60% or more in price in the near term. Read on.

According to International Energy Outlook 2021, renewable energy will be the primary source of new electricity generation through 2050. Renewables’ share of energy consumption is set to grow from 15% in 2020 to 27% in 2050 due to falling technology costs and changing government policies, which will compel the electric power sector to use renewable energy sources to meet surging electricity demand.

Many countries have pledged to seek carbon neutrality under the Paris Agreement, which should bode well for the renewable energy sector. For example, President Biden has stated his goal is to achieve net-zero emissions economy-wide by 2050. The global renewable energy market is expected to reach $2 trillion by 2030, growing at an 8.4% CAGR from 2021 to 2030.

Given this backdrop, Wall Street analysts expect renewable energy stocks Azure Power Global Limited (AZRE), PowerCell Sweden AB (publ) (PCELF), and Beam Global (BEEM) to rally by more than 60% in the coming months. So, it could be wise to add these stocks to your watchlist........

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