Nextracker price target lowered to $67 from $73 at JPMorgan

JPMorgan lowered the firm’s price target on Nextracker to $67 from $73 and keeps an Overweight rating on the shares. The analyst trimmed estimates after the company’s utility-scale solar peers issuing fiscal 2024 guidance well below prior estimates driven by customer project timing delays. Although Nextracker’s order activity and results from fiscal Q3 were solid, it is prudent to take a more conservative view of near-term estimates ahead of the company’s March quarter earnings call, the analyst tells investors in a research note. That said, the firm believes Nextracker is relatively better positioned than peers given its “geographic diversification and customer mix tilt towards best-in-class developers.”