In a new report, Axiom analyst Gordon Johnson takes a look at whether or not investors that bought solar stocks following the recent extension of the Investment Tax Credit (ITC) made a costly mistake.

Johnson believes that solar bulls’ key arguments center on strong 2016 demand stemming from the ITC extension. However, according to Johnson, the market seems overly optimistic about the impact of the extension.

“With the ITC in place since ’06, its extension, we blv, is not a demand driver, but rather ‘not a demand killer,’” he explains.

Axiom sees…

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