Guggenheim upgrades TPI Composites to Buy on valuation, operational improvements

As previously reported, Guggenheim analyst Joseph Osha upgraded TPI Composites to Buy from Neutral with a $22 price target following a recent management visit. While noting that the company "still faces a challenging future," including the potential need for some substantial financing, the firm believes that is more than reflected in the current stock price, making the current valuation "attractive." In addition, the company is focused on improving manufacturing utilization and profitability in the company’s more modest operating footprint for 2023 and 2024, while positioning itself for longer-term growth in the U.S. market as the impact of the Inflation Reduction Act begins to flow through the wind industry, the analyst tells investors.