Mizuho initiated coverage of Shoals Technologies with a Buy rating and $18 price target. Shoals is the largest domestic manufacturer of electric balance of system, or EBOS, solutions for utility-scale projects, notes the firm, which is “bullish” due to the secular growth in utility-scale solar, Shoals’ limited competition, growth opportunities in EV chargers and battery storage installations and the potential pricing premium for domestically manufactured products under IRA tax credits.
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