Nextracker initiated with an Outperform at Wolfe Research

Wolfe Research analyst Steve Fleishman initiated coverage of Nextracker with an Outperform rating and $52 price target. The analyst sees Nextracker as well positioned to capitalize on solar growth given its “global leadership, differentiated products, and strong financials.” Near-term risk of a Flex sell-down or spin remains but an expanded shareholder base would be positive, the analyst tells investors in a research note.