Nextracker surges after profit forecast raise

Nextpower

29/01/2025 15:26

(Updates)
    ** Solar tracking equipment maker Nextracker's  NXT.O 
shares jump 23.9% to $49.12 - set for its biggest one-day
percentage rise since Oct. 31, if gains hold
    ** NXT raises FY25 adjusted EPS forecast to between $3.75
and $3.95 from previous range of $3.10-$3.30
    ** Co reports Q3 adjusted EPS of $1.03, beating analysts'
estimates of 59 cents - LSEG data
    ** At least 10 brokerages raise PT after results
    ** Piper Sandler raises 2026 rev growth target to 15% and
expects co to beat market expectations if it hits $5 billion
backlog by FY25-end while keeping current rev conversion rate
    ** Co's current backlog is more than $4.5 bln
    ** Truist Securities says NXT's expanding footprint in India
and Australia aligns the countries' policies to boost solar
manufacturing
    ** 22 of 29 brokerages rate the stock "buy" or higher, 7
rate "hold"; their median PT is $54
 

 (Reporting by Sanchayaita Roy in Bengaluru)
 ((Sanchayaita.roy@thomsonreuters.com))