Nextracker initiated with a Hold at Jefferies

Jefferies initiated coverage of Nextracker with a Hold rating and $46 price target. Nextracker is a provider of solar tracking solutions for large solar projects to maximize output, the analyst tells investors in a research note. The firm views the company as a “rare clean tech winner” with a track record of beat and raise quarters. However, sector headwinds, the recent change in CFO, and potential project delays create a balanced risk/reward with more difficult comps ahead, adds Jefferies.