Shoals Technologies price target lowered to $30 from $35 at Truist

Truist lowered the firm’s price target on Shoals Technologies to $30 from $35 but keeps a Buy rating on the shares as part of a broader research note on Solar Supplier names. The firm believes that utility-scale suppliers will continue to garner a premium in the coming quarters amid favorable margin and growth tailwinds, though it also sees incremental risk around a near-term U.S. residential recovery on rate and spending headwinds, the analyst tells investors in a research note, adding that its new price target reflects lower valuations throughout the solar and renewables space. Shoals’ newest EBOS-related products should offer some incremental margin protection, but the market expansion both of the core EBOS business internationally and of new BESS are EV Charging products are key for the company’s long-term growth outlook, the firm stated.