ICLN - Nextracker's Solar Ascendancy: Analyst Forecasts Doubling of Addressable Market Despite Valuation Hurdles | Benzinga
BMO Capital Markets analyst Ameet Thakkar initiates coverage on Nextracker Inc. (NASDAQ:NXT) at a Market Perform rating and a price target of $69.
The analyst is constructive about the global demand for solar trackers and expects the ex-China total addressable market to more than double by the end of the decade.
The analyst says Nextracker is a category leader with a growing backlog that provides visible revenue & earnings growth, margin uplift from IRA (~500 bps), and positive FCF.
Despite low barriers to entry, ...