Nextracker initiated with a Buy at Truist

Truist analyst Jordan Levy initiated coverage of Nextracker with a Buy rating and $40 price target. Following Nextracker’s February 9 IPO, shares have traded up 39% on continued significant investor appetite for quality exposure to utility-scale solar, the analyst tells investors in a research note. The firm expects shares to further appreciate toward broader solar-peer average multiples as Nextracker benefits from accelerated growth in utility-scale solar.