Solar energy companies shares are rallying on Wednesday following the agreement by Congressional leaders to extend a significant tax credit for the industry. Roth Capital gave BUY ratings for nearly all solar stocks. A Budget Deal For The Solar Industry Congressional Republican leaders have agreed to extend a 30 percent investment tax credit, or ITC, for commercial, utility, and rooftop solar projects from now through 2019. The credit for the budget deal is slated to fall 10 percent in 2017. The Democratic leaders have agreed to the demands to rid of crude oil exports, banning them from the U.S. that had been in place since 1975. The vote by Congressional leaders is expected to be held this week. Roth Capital Analyst Reaction Roth Capital analyst Philip Shen sees the ITC extension as likely to have a positive impact probably on "nearly all solar stocks." According Roth Capital's latest equity research notes on solar released Wednesday, ReneSola Ltd.SOL
, Enphase Energy IncENPH
, and JA Solar Holdings Co., Ltd.JASO
were among the some of the solar companies that were given BUY ratings by the research firm. The Research Firm Is "Quite Bullish" For Solar If The Deal Is Passed JA Solar Holdings received a price target of $9.18 USD by the research firm. Roth Capital noted that the extension could lead to higher volumes in the U.S. as the company works to expand its presence in the U.S. market (JASO recently hired Robert Petrina, the former Managing Director of Yingli Green Energy Americas). SOL has a target price of $1.70 USD by the research firm. Roth Capital also believes an extension could lead to higher U.S. volumes and opportunities to expand its project business for SOL. Roth Capital has set a target price of $2.41 USD on ENPH, seeing the company as highly exposed to the U.S. residential solar market. =
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