Nextracker upgraded to Buy at Jefferies on order and margin inflection

Jefferies upgraded Nextracker (NXT) to Buy from Hold with a price target of $56, up from $46. The company “does not cease to impress us,” says the analyst, whose prior concern around a slowing U.S. market and margin compression as Nextracker expands internationally is alleviated as the company was able to maintain strong margins and achieve record bookings. Following the quarterly report, the firm raised its EBITDA estimates by about 32% for FY26/27, “largely driven by margin upside,” the analyst tells investors.