Nextracker initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Brian Lee initiated coverage of Nextracker with a Buy rating and $62 price target, representing roughly 50% upside. Nextracker is the number global supplier of solar trackers, with a leadership position both in the U.S. and internationally, the analyst tells investors in a research note. In the U.S., the firm expects the company to benefit from the volume tailwind from the Inflation Reduction Act as well as the 45X tax credits, which it says could represent significant upside to earnings estimates. Internationally, Goldman says the increased penetration against the growing total addressable market is likely to drive growth upside for Nextracker.