Nextracker price target lowered to $55 from $65 at Roth MKM

Roth MKM analyst Philip Shen lowered the firm’s price target on Nextracker (NXT) to $55 from $65 and keeps a Buy rating on the shares ahead of its Q3 results. The stock is down 50% since June on the fear of project pushouts, slower bookings, and price/margin compression, and while some of this is priced in, these risks remain, the analyst tells investors in a research note. Some of the industry’s headwinds may be abating modestly, such as rates and long lead time high-voltage equipment, but that may not be enough to enable surprises to the upside just yet, the firm added.