Exane BNP Paribas downgraded Shoals Technologies to Neutral from Outperform with a price target of $7, down from $15. The firm is stepping aside pending clarity on Shoals’s market share and ongoing warranty, telling investors in a research note that consecutive guidance revisions on project revisions doesn’t bridge with industry data or other comments from other companies and that it can no longer rule out that Shoals has lost share. The continued fallout of potential market share loss and/or unknowns on awards conversion removes a clear stock price “floor” even at stock lows, the firm says.
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