I want to draw your attention to a renewable energy stock I first mentioned back in August. It’s 12% higher now but still in what I would consider a buy zone. In fact, I think it could double over the next two years.
I called this renewable energy stock a “forgotten fuel cell” stock a couple of months ago. After a big rally during this election that never ends, this stock is “forgotten” no more.
Shares rocketed in a single session and, more importantly, broke out of a narrow, months-long trading range. Of course, this stock may not be as well-known as others in its sector like Plug Power Inc. (Nasdaq: PLUG), but it is consistently profitable, pays a nice dividend and is undervalued.
It also has something other renewable energy stocks do not: consistent, strong profit growth.
And I expect shares to rise 50% over the coming year and double over the next two years!
First, a broader point I want to make here is that while this election is still up in the air, this renewable energy stock and others like it will do well under each administration.
You must fight the impulse to think whatever you buy should be all about Joe Biden winning or all about Donald Trump remaining in the White House.
If you’re buying options, that’s one thing. But when it comes to going long on stocks, you have to take a step back and give them room to move. They don’t generally explode higher right after I post one of these videos or right after you buy them.
Sometimes it takes weeks or months before suddenly, BOOM! They move higher and keep going.
And I think that’s what we’re looking at with this renewable energy stock. I don’t think this is a stock that will explode upward in a week or a month. Rather, it’s a stock I think will continue to gain ground from here based on what I see on this chart.
Check out my short video to see my renewable energy stock pick for either election winner and let me know what you think in the comments. This sector has seen big recent gains. Do you have any of these stocks in your portfolio or your watch list?
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