Nextracker initiated with an Overweight at JPMorgan

JPMorgan analyst Mark Strouse initiated coverage of Nextracker with an Overweight rating and $42 price target. Nextracker is the largest global supplier of independent-row tracking systems used to increase the efficiency of utility-scale solar systems, the analyst tells investors in a research note. The company is a pioneer within the industry, part of a duopoly within the U.S., and has a leading market share in the relatively less-penetrated rest of world market, which presents an opportunity to outgrow the overall solar industry, says the firm.