UPDATE: Guggenheim Starts Shoals Technologies Group (SHLS) at Buy

(Updated - February 21, 2021 10:16 PM EST)

Guggenheim analyst Shahriar Pourreza initiates coverage on Shoals Technologies Group (NASDAQ: SHLS) with a Buy rating and a price target of $48.00.

The analyst comments "We are launching coverage of Shoals Technologies (NASDAQ: SHLS) with a BUY rating and $48 PT based on seven key drivers. Our very bullish view stems from growth in the ground-mount solar market in the U.S. and globally paired with our view that labor costs are the next leg of cost reductions for solar, which SHLS tackles with its patented plug-n-play technology that cuts down on installation time and removes the need for skilled labor on the project site. SHLS is emerging as the dominant provider of solar EBOS systems in the US and is just beginning to tap the international markets, bringing the same benefits and cost reductions as seen in the US. Barriers to entry are robust as SHLS has a broad range of patents, proprietary manufacturing, and a rapidly growing share of the market. Storage and EV represent additional opportunities for growth over the medium to long term."

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 $38.15 yesterday.

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