Dimple Gosai, an analyst from Bank of America Securities, reiterated the Buy rating on NEXTracker, Inc. Class A. The associated price target was raised to $69.00.
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Dimple Gosai has given his Buy rating due to a combination of factors that highlight NEXTracker’s strong market position and growth potential. The company has shown impressive backlog growth, reaching over $4.75 billion, with a high conversion rate expected over the next eight quarters. Despite concerns about bookings cadence, management has indicated robust demand, and there are no significant red flags affecting project integrity or developer sentiment.
Dimple Gosai also notes NEXTracker’s strategic advancements in robotics and AI, which are set to enhance its platform strategy. The rollout of new tools targeting high-return use cases is expected to drive further growth. Additionally, NEXTracker’s recent financial performance, with revenue and adjusted EBITDA surpassing expectations, supports the positive outlook. The price objective has been raised to $69, reflecting updated estimates and a premium valuation compared to peers.
Gosai covers the Technology sector, focusing on stocks such as NEXTracker, Inc. Class A, SolarEdge Technologies, and Array Technologies. According to TipRanks, Gosai has an average return of -13.4% and a 48.75% success rate on recommended stocks.
In another report released yesterday, Roth MKM also reiterated a Buy rating on the stock with a $80.00 price target.