Barclays analyst Christine Cho upgraded Nextracker Inc (NASDAQ: NXT) from Equalweight to Overweight with a price target of $60.00 (from $47.00).

The analyst comments "NXT trading at a discount to ARRY; Upgrade to Overweight, from Equal Weight: Post a beat across the board for 3Q, we are taking up our numbers for 4Q as well as for FY26. With our new numbers, we now estimate NXT is trading at a three-quarter turn discount to ARRY. Generally, we think NXT should trade at least a two turn premium to its closest comp due to the execution of managing the business well, especially this past year which has had most of its utility-scale peers miss and lower numbers. At this juncture, we think NXT is tracking to hit the top end of the revenue, EBITDA and EPS guidance ranges for FY25, even after "beat and raises" for the latter two metrics. We have also raised our FY26 numbers and now expect top line of $3.2 bn, adjusted EBITDA of $704mm, and adjusted EPS of $3.59, which are all above Bloomberg consensus. We raise our price target to $60."

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Shares of Nextracker Inc closed at $39.62 yesterday.