Citi lowered the firm’s price target on Shoals Technologies to $23 from $26 and keeps a Buy rating on the shares. The company modestly lowered revenue guidance while raising adjusted EBITDA and earnings outlook for fiscal 2023, the analyst tells investors in a research note. The firm says the shrink-back liability range of $57M-$185M was slightly higher than expected and indicates a lack of clarity on the portion of the affected harnesses Shoals must replace.
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