Nextracker Inc (NXT) PT Raised to $66 at Mizuho

Mizuho analyst Maheep Mandloi raised the price target on Nextracker Inc (NASDAQ: NXT) to $66.00 (from $65.00) while maintaining a rating.

The analyst commented: 'Nextracker beat estimates and raised revenue and profitability guidance for the year. The company announced new acquisitions in robotics and AI to help solar developer/owners with maintenance like cleaning panels or installation variance analysis. Nextracker is stepping up R&D and OpEx to support their recent acquisitions, which have been dilutive to margins in the near term. The acquisitions indicate the company's plan to become a one-stop utility solar equipment provider. Management plan to lay out their strategy for these businesses at their Analyst Day in November.

We increase our DCF-based PT by $1 to $66 owing to higher margins, and retain our Neutral rating given limited long-term growth in the US following the OBBB and potential headwinds from Treasury safe harbor guidance."

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