2023-04-13 11:41:15 ET
FTC Solar ( NASDAQ: FTCI ) wobbles between gains and losses in Thursday's trading as H.C. Wainwright initiated coverage with a Buy rating and $5 price target, saying the underlying demand trend for solar deployment in the U.S. and abroad remains very strong and should allow the company to improve its financial performance.
FTC Solar ( FTCI ) is "entering a period of substantially improved steel and logistics pricing environment that should support margin improvements and stability going forward," Wainwright's Amit Dayal wrote, noting the company also "endured a challenging regulatory environment over the last two years and has adjusted its operations to execute more efficiently under the revised market conditions."
The company's presence in international markets has grown, and Dayal said he expects to see an increasing contribution from these markets in 2023 and beyond.
Dayal forecasts FTC Solar's ( FTCI ) FY 2023 revenues will rise 86% Y/Y to $229M from $123M a year ago, with gross margins improving to 8.9% in 2023 from a gross loss of 22.1% in 2022.
FTC Solar's ( FTCI ) order backlog has grown to a record $1.2B with $240M of new orders added in Q4, Pacifica Yield writes in an analysis published recently on Seeking Alpha .
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FTC Solar started at Buy at Wainwright as executing turnaround