Goldman Sachs analyst Brian Lee upgraded Shoals Technologies to Buy from Neutral with a price target of $28, up from $27, implying 85% upside from current levels. The analyst is “tactically more bullish,” saying the overhang from recent warranty expense issues appear to be priced into the shares. The firm sees margin upside risk and believes U.S. utility scale solar fundamentals remain among the best in its solar coverage group. With Shoals trading at 20-times next 12 months price-to-earnings, the company’s valuation is at historical lows, making the risk/reward “hard to ignore,” the analyst tells investors in a research note.
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