Oppenheimer analyst Colin Rusch lowered the firm’s price target on Shoals Technologies to $17 from $42 and keeps an Outperform rating on the shares. With Shoals delivering solid results in Q4 and guiding well below the Street for 2024, the company called out project delays due to higher interest rates and interconnection challenges as impacting first half of 2024 results, the firm says. Oppenheimer notes management highlighted a consistent win rate on bids, including a significant new customer booked since the start of the year. The firm believes this customer could be a meaningful contributor to Q1 2024 bookings. Oppenheimer expects shares to be off sharply given guidance and Q4 bookings, but thinks the reset on expectations significantly derisks shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on SHLS:
- Shoals Technologies Group, Inc. Reports Financial Results for Fourth Quarter 2023
- Unusually active option classes on open February 26th
- Shoals Technologies price target lowered to $25 from $30 at Roth MKM
- Governor Lee, Commissioner McWhorter Announce Shoals Technologies Group to Expand Manufacturing and Distribution Operations in Sumner County
- ‘Looking for Green Shoots’: RBC Suggests 2 Solar Stocks to Buy Now