RBC Capital lowered the firm’s price target on Shoals Technologies to $17 from $20 and keeps an Outperform rating on the shares. The company’s Q4 results were just below expectations, but its 2024 outlook was worse than feared due to customer order delays and longer lead times that extended the backlog beyond the typical 9-13 months, the analyst tells investors in a research note. RBC adds however that the issues are likely “market driven and not market share related”.
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