Nextracker initiated with a Hold at TD Cowen

TD Cowen analyst Jeff Osborne initiated coverage of Nextracker (NXT) with a Hold rating and $41 price target The firm likes the company’s management team, portfolio and market presence and sees Nextracker “as the best house in a tough neighborhood” for the first half of 2025. TD thinks utility scale solar is more resilient to potential Inflation Reduction Act changes given safe harboring, but says recent tariffs on panels along with lingering interconnect/transformer shortage delays may lead to a “tough” first half of 2025 for Nextracker and provide a better entry point.