Northland analyst Donovan Schafer downgraded Shoals Technologies to Underperform from Market Perform with a price target of $6, down from $12, after a Q1 miss, weak Q2 guidance and lowered 2024 guidance. Project delays continue to impact financials and while Shoals hopes to offset some of the headwinds by focusing on CC&I markets, the firm says the historical weakness and smallness of these markets “gives us pause.”
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