Needham analyst Sean Milligan maintained a Buy rating on NEXTracker, Inc. Class A today and set a price target of $103.00.
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Sean Milligan has given his Buy rating due to a combination of factors, including the company’s strategic expansion and diversified growth potential. NEXTracker, Inc. is poised to scale its platform across various units such as structural, electrical, and software, with trackers continuing to contribute significantly to revenue.
Despite limited potential for multiple expansion, Milligan believes that the forward estimates are conservative. The possibility of increased non-tracker revenue and improved tracker demand could lead to earnings per share exceeding expectations. Additionally, a robust free cash flow provides a solid foundation for the company’s financial health, reinforcing the Buy rating.
In another report released today, Goldman Sachs also reiterated a Buy rating on the stock with a $121.00 price target.