Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Shoals Technologies to $11 from $14 and keeps an Overweight rating on the shares. The firm notes that while expectations were low into earnings, almost everything went wrong in this update. Shoals’ EBITDA beat is a sideshow to reduced revenues, sequentially declining backlog, and revenues mainly bolstered by PWR, notes Piper.
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