UPDATE: UBS Starts Shoals Technologies Group (SHLS) at Buy
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(Updated - February 21, 2021 11:39 PM EST)
UBS analyst Jon Windham initiates coverage on Shoals Technologies Group (NASDAQ: SHLS) with a Buy rating and a price target of $48.00.
The analyst comments "We initiate coverage of SHLS with a Buy rating and $48 PT. SHLS offers investors unique exposure to increasing utility-scale solar deployments as a best-in-class key component supplier of electrical balance of system (EBOS) products with potential upside from product launches aimed at storage and EV charging infrastructure buildouts. We forecast an attractive 33% revenue growth CAGR 2021-25E & higher then peer mid-30s adj. EBITDA margins. Shares look relatively attractively valued, in our view, trading at 37x 2023E EV/EBITDA compared to relatively lower growth & lower margin peers at 34x."
Shares of Shoals Technologies Group closed at $38.15 yesterday.
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