Wells Fargo initiated coverage of Nextracker with an Equal Weight rating and $44 price target. The firm is positive on utility scale solar and Nextracker’s market positioning, but its neutral rating is due to the stock’s valuation. Flex, Nextracker’s legacy owner, owns 51% of the company and TPG owns 15%, the analyst tells investors in a research note. Wells believes potential monetization of the remaining shares could serve as an overhang on the stock.
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