Before this week began, shares of (NYSE: AMRC) had limped through 2023, vastly underperforming the S 500. Over the past few days, however, shares of the energy-efficiency specialist have turned around. The source of the renewed buying activity can be traced to an analyst's increasingly bullish outlook for the stock.

As of 1:38 p.m. ET today, Ameresco's stock is up 10% since the end of trading last Friday, according to data provided by S&P Global Market Intelligence.

Maintaining an overweight rating, Kashy Harrison, an analyst at Piper Sandler, raised the price target on Ameresco's stock to $66 from $62 on Tuesday. Among renewable energy stocks, Harrison recognizes Ameresco as one of his favorite picks right now. Based on the stock's closing price of $55.14 -- the day before Harrison's commentary was reported -- the $66 price target implied an upside of 19.7%.

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Source Fool.com