Piper Sandler analyst Kashy Harrison initiated coverage of Nextracker with an Overweight rating and $60 price target. The firm believes businesses with high visibility to forward revenue growth via utility-levered backlogs, positive earnings momentum, and reasonable valuations have the potential to outperform in 2024 and argues that e the tracker market leader “meets this requirement.” The firm believes the trend in Nextracker’s customer deposits indicate it is growing market share, the analyst added.
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