Nextracker price target lowered to $55 from $62 at Cantor Fitzgerald

Cantor Fitzgerald analyst Derek Soderberg lowered the firm’s price target on Nextracker to $55 from $62 and keeps an Overweight rating on the shares. Renewable Energy World posted an article detailing a hailstorm in Texas on March 15 that damaged a significant majority of panels, with drone footage taken by a local news station showing the extent of the damage is over 80% of panels, the analyst tells investors in a research note. The firm believes Nextracker’s system’s algorithms failed to orient panels to stowing position, and says headline risks associated with the Fighting Jays project leave the firm less confident in valuation.