Nextracker price target raised to $50 from $43 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Nextracker to $50 from $43 and keeps a Buy rating on the shares. The firm notes Nextracker reported another strong quarter ahead of expectations and raised its full year expectations. The company continues to see robust demand and strong booking activity, which drove an increased record backlog to over $3B, up from $2.6B a quarter ago. Craig-Hallum notes the company’s backlog consists only of firm contracts or purchase orders with deposits and ship dates.