Nextracker surges after Q3 results beat, profit forecast boost

Nextpower

29/01/2025 11:17

** Solar tracking equipment maker Nextracker's  NXT.O 
shares jump 22.4% to $48.28 premarket
    ** Co reports Q3 rev of $679 mln, compared with analysts'
estimates of $650.7 mln, according to data compiled by LSEG
    ** Co posts adjusted EPS of $1.03 vs estimates of 59 cents 
    ** Co now expects FY25 adjusted EPS between $3.75 and $3.95,
compared with previous forecast of EPS $3.10 to $3.30, and
reaffirms full-year rev forecast of $2.8 bln to $2.9 bln
    ** Brokerage TD Cowen raises PT to $47 from $41, J.P. Morgan
to $61 from $58, and Piper Sandler to $50 from $47
    ** Piper Sandler raises 2026 rev growth target to 15%, says
co can beat market expectations if it hits a $5.0 billion
backlog by the end of FY25 and keeps its current revenue
conversion rate
    ** Twenty-two of 29 brokerages rate the stock "buy" or
higher, seven rate "hold"; their median PT is $54
    ** NXT lost 22.03% in 2024

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