Nextracker initiated with a Buy at UBS

UBS initiated coverage of Nextracker with a Buy rating and $50 price target. As the market leader, Nextracker should benefit from Inflation Reduction driven U.S. solar growth and increasing tracker penetration in the rest of the world, the analyst tells investors in a research note. The firm expects the company’s key solar tracker markets to grow 19%-21% annually through 2027 and finds the shares attractively valued.