Nextracker price target lowered to $56 from $62 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Nextracker to $56 from $62 and keeps a Market Perform rating on the shares after its Q4 results and below-consensus guidance. The company has an impressive track record of execution and typically guides conservatively, though the initial FY25 outlook is “mixed”, dividing investors, the analyst tells investors in a research note. Global demand for solar tracking equipment and software will remain strong through at least the end of the decade, but given the stock’s strong relative outperformance and premium implied valuation, the firm remains at neutral, BMO added.