Nextracker price target raised to $70 from $60 at Truist

Truist analyst Jordan Levy raised the firm’s price target on Nextracker to $70 from $60 and keeps a Buy rating on the shares. The company delivered an impressive beat and raise quarter, and the management is executing at a level that is well beyond what’s implied in the current share price, the analyst tells investors in a research note. With ramping free cash flow and the separation from FLEX now complete, Nextracker should be more strategic as it relates to potential shareholder returns programs and/or M&A opportunities, the firm added.