Roth/MKM Downgrades Shoals Technologies Group (SHLS) to Neutral

Roth/MKM analyst Philip Shen downgraded Shoals Technologies Group (NASDAQ: SHLS) from Buy to Neutral with a price target of $8.00 (from $15.00).

The analyst comments "SHLS delivered a mixed Q1, weak Q2 outlook, and lowered its recently issued 2024 guide. Bookings were light at $75mn vs. buyside expectations of ~$160mn. Management indicated that "In the short term, our results will continue to be impacted by project timing," suggesting the challenged performance may sustain. As a result, we lower our estimates meaningfully and downgrade to Neutral until the outlook improves. PT to $8 from $15 reflects a lower multiple on the greater downside risk to estimates."

For an analyst ratings summary and ratings history on Shoals Technologies Group click here. For more ratings news on Shoals Technologies Group click here.

Shares of Shoals Technologies Group closed at $8.80 yesterday.

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