UBS raised the firm’s price target on Shoals Technologies (SHLS) to $12 from $9 and keeps a Buy rating on the shares. Shoals reported Q3 adjusted EBITDA below consensus expectations and highlighted its record backlog of $721M, including $18M of orders for battery storage and data center products, the analyst tells investors in a research note. Shoals’ record backlog further underscores the scale of demand for clean energy generating projects driven by load growth from data centers and large technology companies, UBS says.
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