Nextracker price target lowered to $45 from $50 at Citi

Citi lowered the firm’s price target on Nextracker (NXT) to $45 from $50 and keeps a Neutral rating on the shares. Last year proved “tumultuous” for the alternative energy equipment and services sector as commodity, regulatory and political changes weighed on the stocks, the analyst tells investors in a research note. The firm says that looking ahead, utility scale companies are better positioned with achievable consensus estimates and stronger balance sheets. It remains cautious on residential solar largely due to dependence of companies on incentives and relatively weaker financial flexibility.