FTC Solar ‘more likely to break to the upside’ after conference, says Northland

Northland analyst Donovan Schafer is “incrementally more positive” on FTC Solar “breaking to the upside” following the firm’s meeting with management at Northland’s conference held on September 19. FTC “faces almost binary outcomes at this pivotal moment” and data points suggest the narrative around slower-than-expected backlog conversion checks out, making it “less and less likely” that some hidden “unknown unknowns” are hindering the conversions, the analyst tells investors. Northland, which sees FTC being potentially set up for “a very strong 2024,” reiterates its Outperform rating and $3.80 price target on the shares.