Here are Morgan Stanley's picks for companies with direct exposure to the Inflation Reduction Act.
The recently signed into law Inflation Reduction Act is a gamechanger for renewable energy, and will benefit a number of stocks across industries, according to Morgan Stanley. The firm said the bill, which includes $369 billion for energy and climate initiatives, is a "big deal for U.S. clean tech." The legislation prompted Morgan Stanley to raise its growth and price targets across the industry.
Sunrun shares have surged more than 40% over the last month after the legislation's surprise announcement propelled stocks across the clean energy ecosystem higher. But the stock is still 42% below its recent high in November. The movement is not unique to Sunrun. Both the Invesco Solar ETF and the iShares Global Clean Energy Fund are up more than 20% in the last month, but still below their November highs by more than 10%.
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