Nextracker falls after Barclays downgrades to 'equalweight'

Nextpower

02/04/2024 13:07

** Shares of solar tracking equipment maker Nextracker   NXT.O 
down 2.5% at $54.79 in premarket trading 
    ** Barclays downgrades NXT to "equalweight" from
"overweight", but raises PT to $63 from $55
    ** Brokerage says NXT may provide an initial outlook below
the revenue consensus of $2.9 bln for FY25
    ** "Given the industry-wide constraints around transformers
and interconnection queues, we would also think that the company
may want to factor in some cushion for those things as well" -
Barclays
    ** Brokerage, however, adds that NXT should be a core
holding and investors can count on the stock to be a consistent
performer
** The new price target represents a ~12% upside to the stock's
last close
    ** 22 of 27 brokerages rate the stock "buy" or higher and 5
"hold"; their median PT is $66.50 - LSEG
    ** Up to last close, NXT up ~19% YTD

(Reporting by Roshia Sabu in Bengaluru)
((mailto:Roshia.Sabu@thomsonreuters.com))