Piper Sandler analyst Kashy Harrison upgraded Shoals Technologies to Overweight from Neutral with an unchanged price target of $28. The analyst cites the recent pullback in the shares for the upgrade. The company generated 42% gross margins during Q2 but an atypical warranty charge adversely impacted margins by 800 basis points, the analyst tells investors in a research note. The firm believes the heaviest warranty burden was incurred during Q2 and sees upside potential to the consensus 40%-41% expectations.
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