Piper Sandler Turns Bullish On Shoals Technologies: Forecasts Less Risk To Industry Growth During 2024
Portfolio Pulse from Lekha Gupta
Piper Sandler analyst Kashy Harrison has upgraded Shoals Technologies Group Inc (NASDAQ:SHLS) to Overweight from Neutral with a price target of $28. The analyst expects strong demand for SHLS's products and services and sees less risk to industry growth during 2024 due to longer project cycle times. The analyst assumes a revenue CAGR of 9%-13% for SHLS, reflecting a strong core domestic solar wiring solution business. The analyst also expects adjusted EBITDA of $47 million and bookings of $385 million for H2 FY23.
October 06, 2023 | 7:12 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Shoals Technologies has been upgraded to Overweight from Neutral by Piper Sandler with a price target of $28. The analyst expects strong demand for the company's products and services and less risk to industry growth in 2024.
The upgrade by Piper Sandler, along with the positive outlook for the company's products and services, is likely to have a positive impact on the company's stock in the short term. The analyst's expectation of less risk to industry growth in 2024 and a strong revenue CAGR of 9%-13% for SHLS also adds to the positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100