Barclays analyst Christine Cho downgraded Shoals Technologies to Underweight from Equal Weight with a price target of $19, down from $27. The analyst sees risk in the company’s 2023 guidance. The company’s bookings in the last 12 months fall short of the $470M-$510M guide while a large portion of the backlog and awarded orders is likely tied to new products and new geographical regions, for which there is less visibility on, the analyst tells investors in a research note.
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