Nextracker price target raised to $57 from $52 at JPMorgan

JPMorgan analyst Mark Strouse raised the firm’s price target on Nextracker to $57 from $52 and keeps an Overweight rating on the shares. The company reported solid fiscal Q2 results well above expectations, including a new record backlog, and increased fiscal 2024 guidance, the analyst tells investors in a research note. The firm says Nextracker has not seen a change in its customer funnel or sales cycle timing, which “should help buoy the stock.” It increased estimates to factor in the higher fiscal 2024 guidance and improved margin outlook.