BofA starts Nextracker with a Neutral, sees competitors coming

As previously reported, BofA initiated coverage of Nextracker with a Neutral rating and $36 price target. While calling Nextracker the "market leader in solar trackers with an innovative, customer-focused solution that makes it simple for buyers to keep buying," the firm sees peers coming and calls out market forces as a headwind in 2023. The firm’s deep dive shows that the spread between the company’s technology and that of peers is "getting more nuanced of late and arguably less differentiated," the analyst tells investors.