Northland lowered the firm’s price target on Shoals Technologies to $4 from $6 and keeps an Underperform rating on the shares. Shoals delivered “a healthy Q2 beat,” but this was more than offset by weak Q3 guidance and a cut to overall FY24 guidance, notes the analyst, who says the company continues to struggle, with the primary driver appearing to be permit-driven project delays.
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Read More on SHLS:
- Shoals Technologies price target lowered to $12 from $14 at Oppenheimer
- Shoals Technologies price target lowered to $8 from $11 at Piper Sandler
- Shoals Technologies downgraded to Neutral from Outperform at Exane BNP Paribas
- Shoals Technologies sees fiscal 2024 revenue $370M-$400M, consensus $464.65M
- Shoals Technologies sees Q3 revenue $95M-$105M, consensus $137.51M