Guggenheim starts Nextracker with a Buy, citing improvements in business

As previously reported, Guggenheim analyst Joseph Osha initiated coverage of Nextracker with a Buy rating and $73 price target. Nextracker has become “the dominant supplier of solar trackers” in the U.S. market and the stock already has seen strong performance, but that performance has been matched by improvements in the underlying business, says the analyst, who thinks that the valuation “continues to be attractive.” The company appears to be taking market share in the U.S. and the firm’s analysis suggests that could continue through 2024 “at a minimum,” while Nextracker is building a significant presence in non-U.S. markets as well, the analyst said.