Nextracker price target raised to $50 from $45 at Mizuho

Mizuho analyst Anthony Crowdell raised the firm’s price target on Nextracker to $50 from $45 and keeps a Buy rating on the shares. The company reported strong fiscal Q1 results above expectations and its sales momentum drove margins and backlog higher, leading to a raised fiscal 2024 outlook, the analyst tells investors in a research note. Inflation Reduction Act rules clarification is not slowing demand, and further clarity from the IRS on 45X tax credits provides additional upside to the story, says the firm.