Oppenheimer lowered the firm’s price target on Shoals Technologies to $12 from $14 to reflect a slower re-ramp in growth, while keeping an Outperform rating on the shares. As Shoals adjusted guidance to reflect industry-wide project delays, the firm is encouraged by the company’s customer activity as it built incremental backlog while indicating 50% growth year-over-year in quotation activity and that its new products address 90% of the EU, Middle East, and LatAm markets which collectively represent about 63GW.
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