Northland upgraded Nextracker to Outperform from Market Perform with a $45 price target. The company reported a “strong” fiscal Q2 beat and raised fiscal 2024 guidance, but the shares traded up only slightly due to merger arbitrage bets around a plan to complete the spinoff from Flex by Q4, the analyst tells investors in a research note. The firm expects the stock to rise further as the merger arbitrage bets settle in and the stock begins being driven by fundamentals.
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