FTC Solar initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Amit Dayal initiated coverage of FTC Solar with a Buy rating and $5 price target. The company is positioned to benefit from solar tracking adoption, the analyst tells investors in a research note. FTC’s Voyager 2P and Pioneer 1P offerings compete on the basis of lower installation costs, fewer material requirements, and ability to be deployed in varying terrains, says the firm. In addition, the company is further diversifying its revenue and margin profile with entry into the distributed energy generation market, it adds.