Mizuho Securities Starts Nextracker Inc (NXT) at Buy

Mizuho Securities analyst Anthony Crowdell initiates coverage on Nextracker Inc (NASDAQ: NXT) with a Buy rating and a price target of $40.00.

The analyst comments "We are initiating on Nextracker, Inc. (NXT) with a Buy rating and a $40 PT. NXT stands to benefit from the global transition to renewable energy. Global clean energy policies should accelerate the transition to zero-emission generation and utility-scale solar will likely play a larger role after years of falling costs. NXT's proprietary technology has a proven track record of improving the economics of utility-scale solar projects by lowering lifetime costs and improving energy output, giving NXT a ~30% global market share. Our $40 PT implies a 17.0x EV/EBITDA multiple on FY2025E EBITDA and ~20% upside from Friday's close. Mizuho acted as a Joint Bookrunner in NXT's IPO on 2/8/2023, priced at $24/share."

For an analyst ratings summary and ratings history on Nextracker Inc click here. For more ratings news on Nextracker Inc click here.

Shares of Nextracker Inc closed at $33.35 yesterday.

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