Nextracker upgraded to Buy from Neutral at Citi

Citi upgraded Nextracker (NXT) to Buy from Neutral with a price target of $114, up from $66. The company now has a globally dominant position in tracker sales and has acquired several adjacent businesses which may contribute a third of revenues by FY30, the analyst tells investors in a research note. The firm added that the company’s experienced management team has demonstrated the ability to execute well, which gives the firm confidence in its revenue projections that are 9% higher than consensus in FY27.