Renewable energy stocks have been in a downturn since early 2021. However, the iShares Global Clean Energy ETF (NASDAQ:ICLN) outperformed the broader market in 2022, losing 5.5% compared with an 18.2% loss for SPDR S&P 500 ETF (NYSEARCA:SPY). ICLN is off to a strong start in 2023, rising nearly 5%.
Raymond James believes clean energy stocks are ready for significant gains in 2023, to the tune of 30% to 40%.
Here are three undervalued renewable energy stocks to buy to ride this wave.
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