Enphase Energy vs. Plug Power: Which Alternative Energy Stock Does Wall Street Like Best?

The renewable energy industry drew plenty of interest in 2023, with investments hitting the $1.8 trillion mark - a solid 17% increase from the previous year. But even as governments and corporations scramble to reach climate change goals, alternative energy stocks have been struggling in the current macroeconomic environment. So, in the midst of this green energy rush, Enphase Energy (ENPH) and Plug Power (PLUG) have found themselves sitting out the stock market rally over the past year.

While loss-making Plug Power rattled investors with a “going concern” warning, Enphase Energy has been under steady pressure from high interest rates, as its solar panel projects rely heavily on financing. However, after a rough ride for both stocks, analysts have picked a clear favorite of the two. Here's a closer look.