As previously reported, Northland analyst Donovan Schafer downgraded Shoals Technologies to Market Perform from Outperform with a price target of $27, down from $30, following the company’s "strong" Q4 results and "mixed" 2023 guidance. Given the company’s already-high market share, the firm thinks that it will get harder for Shoals to maintain above-market-growth. Implied 2023 year-over-year growth of about 50% at the midpoint of guidance is lower than the 2022 year-over-year growth of 53%, which implies growth deceleration in Shoals’ U.S. solar EBOS business, assuming some of this is driven by EV, Storage and/or International, the analyst added.
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