Northland downgraded Nextracker (NXT) to Market Perform from Outperform with a price target of $44, down from $60, ahead of the company’s Q4 report on the view that Nextracker will be “hit with the same headwinds” Array Technologies (ARRY) and Shoals Technologies (SHLS) were hit by last quarter. The firm cites several reasons for the delayed impact on Nextracker, including a more aggressive effort to get product shipped to sites in a “good enough” position to take delivery and the fact that the company has not had to put out full-year guidance yet because of it’s March 31 fiscal year end.
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