Solar stocks are wavering despite lofty expectations.
RBC Capital Markets initiated coverage of Sunrun on Wednesday, rating it outperform and giving it a price target of $81 per share. Even so, shares of the solar panel maker closed 4% lower at $54.21.
The Invesco Solar ETF (TAN) also took a hit on Wednesday, falling 3% to $86.48. The popular fund is now down about 29% from its high in January.
Katie Stockton, managing partner and technical analyst at Fairlead Strategies, has been watching the weakness play out for some time.
“Solar stocks had been under pressure along with growth stocks,” she told CNBC’s “Trading Nation” on Wednesday.
Stockton said Fairlead had initially recommended…