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."
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Shares of Shoals Technologies Group closed at $8.80 yesterday.