FTC Solar’s Promising Financial Trajectory and Positive Outlook: Buy Rating with Raised Price Target

Jeff Osborne, an analyst from TD Cowen, maintained the Buy rating on FTC Solar. The associated price target was raised to $12.50.

Jeff Osborne has given his Buy rating due to a combination of factors that highlight FTC Solar’s promising financial trajectory. The company reported a strong third quarter in 2025, surpassing expectations and returning to a positive gross margin for the first time since late 2023. This performance was bolstered by their ability to reduce labor costs, which has been a key differentiator in their product offerings, leading to increased customer interest and the conversion of 7.5GW of Master Service Agreements.
Furthermore, FTC Solar’s guidance for the fourth quarter of 2025 exceeded consensus estimates, with expectations of positive EBITDA by 2026. The company’s expanded pipeline in the U.S., including larger projects and collaborations with Tier 1 EPCs, along with the full ownership of Alpha Steel, which is expected to be accretive to EBITDA, are significant positives. Despite some challenges, such as a pull forward that drove the third quarter upside and a year-over-year decline in average selling prices, the overall outlook remains optimistic, prompting Osborne to raise the price target to $12.50.