RBC Capital initiated coverage of Shoals Technologies with an Outperform rating and $20 price target. Shoals is a leading provider of electric balance of system solutions for solar and electric vehicle charging, the analyst tells investors in a research note. The analyst believes the company’s unique product offering provides a cost-effective solution to labor-intensive installation processes, and will see increased demand following Inflation Reduction Act labor requirements. The shares are trading at depressed multiples and will appreciate as Shoals demonstrates it can maintain market share and margins, contends RBC.
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