Janney starts Nextracker with a Buy and $43 fair value estimate

As previously reported, Janney Montgomery Scott initiated coverage of Nextracker with a Buy rating and $43 fair value estimate. Nextracker is the “leading provider” of tracking hardware for utility-scale PV developments and is well positioned within the U.S., where the firm expects the company to be a beneficiary of IRA tax credits both on an indirect and direct basis. Internationally, the firm expects the company to continue to try to grow market share, highlighted by a recent investment in domestic manufacturing capacity in India.