Nextracker initiated with an Outperform at Baird

Baird initiated coverage of Nextracker with an Outperform rating and $71 price target. Nextracker is the leading designer and innovator of solar tracking systems with global shipments of over 90 GW to date, the analyst tells investors in a research note. The firm says the company offers a “compelling thesis” for a pure-play investment in the utility-scale solar space with a simplified business model, healthy balance sheet, and differentiated technology.