Nextracker price target raised to $60 from $52 at Truist

Truist analyst Jordan Levy raised the firm’s price target on Nextracker to $60 from $52 and keeps a Buy rating on the shares as part of a broader research note on Solar and Alternative Fuels names. Industry expectations driven by low rates and a global focus on energy availability have fallen back to earth in 2023, taking shares with it, but while the volatility remains, there is also meaningful upside opportunity moving into the Fed rate cut cycle, particularly for the residential solar group, the analyst tells investors in a research note. For Nextracker, the firm is positive on the company’s “blue-chip customer profile” and notes that it has maintained its strong positioning within its utility-scale coverage despite the overall sector headwinds. Heading into the quarter, the focus will remain on Nextracker’s backlog strength and any incremental signs of project pushouts given its “impressive ability to counter negative macro headwinds”, Truist states.