Shoals Technologies price target lowered to $12 from $18 at Northland

Northland lowered the firm’s price target on Shoals Technologies to $12 from $18 and keeps a Market Perform rating on the shares. Shoals delivered a slight Q4 miss, but “more importantly” came out with Q1 and 2024 guidance that was “meaningfully lower than analysts’ expectations,” the analyst tells investors. The problems seem to be project delays due to higher interest rates and long lead time items, but “the mystery remains that a few other utility-scale equipment providers seem to be doing fine,” the analyst added.