Analyst Sean Milligan from Needham reiterated a Buy rating on Shoals Technologies Group and keeping the price target at $12.00.
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Sean Milligan’s rating is based on several compelling factors that indicate a positive outlook for Shoals Technologies Group. The company reported strong third-quarter revenue, surpassing expectations, despite minor setbacks in EBITDA due to tariff-related issues. The guidance for the fourth quarter suggests sequential growth and an improvement in margins, which is promising for the company’s financial health.
Furthermore, the outlook for 2026 is optimistic, with a significant backlog and awarded orders showing a year-over-year increase. The company also has a substantial amount of quotes, indicating potential future business. Additionally, the introduction of Battery Energy Storage Systems (BESS) is expected to provide further growth opportunities, enhancing the company’s prospects. These factors collectively support the Buy rating, with a price target set at $12, reflecting confidence in the company’s future earnings potential.
According to TipRanks, Milligan is an analyst with an average return of -10.1% and a 56.00% success rate. Milligan covers the Technology sector, focusing on stocks such as First Solar, Shoals Technologies Group, and NEXTracker, Inc. Class A.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $11.00 price target.