Hannon Armstrong Remains Top Pick as JP Morgan Adjusts Solar & Renewables Portfolio

JP Morgan's Mark Strouse raised their price target on Hannon Armstrong (NYSE: HASI) by 5.4% from $37 to $39 on 2024/05/23. The analyst maintained their Strong Buy rating on the stock.

In a post-reporting season note on names in the Clean Energy (Solar & Renewables) sector, Strouse reported that JP Morgan is "shuffling its top picks to stocks it believes are relatively best positioned to navigate what it expects to be a volatile remainder of the year." The analyst continued to believe that utility-scale solar has the highest level of demand but cautioned that "macro factors are impacting project timing while increasing geopolitical developments present risks."

As a result of these factors, Array Technologies and Shoals Technologies were removed from their firm's Analyst Focus List. Strouse explained that "increasing geopolitical issues and project timing uncertainty may keep a lid on both stocks near term."

In the same sector, JPMorgan's top picks are Hannon Armstrong and TPI Composites. However, no specific details were provided regarding the reasons behind their selection.

On May 23, 2024, Strouse also made changes to other names in their portfolio. They raised their price target on Ge Vernova Inc by 8%, from $163 to $176, and maintained their Strong Buy rating. Additionally, Strouse raised their price target on First Solar Inc by 9.2%, from $240 to $262, while also maintaining their Strong Buy rating.

According to WallStreetZen, JP Morgan analyst Mark Strouse is ranked in the top 13% out of 4,591 Wall Street analysts. They have an average return of 6.2% and a win rate of 43.9%. Strouse specializes in the Consumer Cyclical and Healthcare sectors, among others.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. is a company that provides debt and equity financing to energy markets in the U.S., focusing on energy-efficiency and renewable-energy projects. The company, founded in 1981, is headquartered in Annapolis, MD.

Looking at analyst ratings for Hannon Armstrong, 100% of top-rated analysts currently rate it as a Strong Buy or Buy. No analysts see it as a Hold, and no analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that Hannon Armstrong's upcoming year will deliver earnings per share (EPS) of $1.98. If the analysts' predictions are correct, Hannon Armstrong's next yearly EPS will be down by 13.1% on a year-over-year basis.

Since Hannon Armstrong's last quarterly report on March 31, 2024, the stock price has increased by 13.1%. Year-over-year, the stock is up 20.4%. However, during that period, Hannon Armstrong is trailing the S&P 500, which is up 27.1%.

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