In a report released today, Dimple Gosai from Bank of America Securities maintained a Buy rating on Shoals Technologies Group (SHLS – Research Report), with a price target of $6.00.
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Dimple Gosai has given his Buy rating due to a combination of factors that highlight Shoals Technologies Group’s strategic positioning and growth potential. The company has demonstrated significant improvements in execution and forecasting, addressing previous underperformance by conducting detailed project-level reviews and enhancing customer visibility. This disciplined approach has resulted in a solid backlog and a strong pipeline of projects, providing confidence in Shoals’ ability to meet its guidance despite potential policy risks.
Additionally, Shoals is poised to expand into adjacent markets such as data centers and battery energy storage systems, which could significantly increase its serviceable addressable market. The company’s strategic focus on maintaining competitive margins and leveraging its manufacturing timing advantage further supports its growth trajectory. These factors, combined with stable average selling prices and a realistic margin outlook, underpin Gosai’s positive outlook and Buy rating for Shoals Technologies Group.
According to TipRanks, Gosai is an analyst with an average return of -8.3% and a 41.79% success rate. Gosai covers the Technology sector, focusing on stocks such as NEXTracker, Inc. Class A, First Solar, and Array Technologies.
In another report released on May 16, Morgan Stanley also maintained a Buy rating on the stock with a $6.00 price target.