Craig-Hallum downgrades TPI Composites to Hold, lowers price target to $11

As previously reported, Craig-Hallum analyst Eric Stine downgraded TPI Composites to Hold from Buy with a price target of $11, down from $15, awaiting more concrete evidence of a recovery in the company’s business to get more constructive. The firm notes 2023 remains a year in transition for TPI and while a wind recovery is underway, it is still at very early stages and the timing of when it takes hold is uncertain and varies by position in the supply chain. As this plays out, TPI is experiencing its OEM customers taking a pause from the new product introductions and move to larger blades over the last few years to now focusing more on quality with an eye on being prepared for better industry days ahead, Criag-Hallum adds.