2023-05-02 12:21:51 ET
Shoals Technologies ( NASDAQ: SHLS ) -10.6% in Tuesday's trading after Barclays downgraded the stock to Underweight from Equal Weight with a $19 price target, cut from $27, citing risks to the company's 2023 outlook and the stock's "pricey valuation."
Barclays analyst Christine Cho estimated Shoals ( SHLS ) made $457M in new bookings in 2022, and even with a 100% conversion rate, the result would fall short of the low end of the company's $470M-$510M guidance range.
A large portion of Shoals' ( SHLS ) "backlog and awarded orders is likely tied to new products and new geographical regions, which we have less visibility on," Cho wrote.
More on Shoals Technologies:
- See financial and valuation comparisons to sector peers
- SA analysis: Shoals Technologies Ramps Up International Expansion Efforts
- Stock price return: 24% loss YTD, 65% gain during the past 12 months
For further details see:
Shoals Technologies cut at Barclays on risk to 2023 outlook