Shoals Technologies price target lowered to $25 from $30 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Shoals Technologies to $25 from $30 but keeps a Buy rating on the shares as part of a broader research note on Solar and Energy Storage ahead of the sector’s Q3 results. The sector remains in a phase of valuation rationalization under which balance sheet strength and steady profitability will play an increasingly important role in equity performance, the analyst tells investors in a research note. Truist adds however that it remains constructive on the growth prospects for Shoals, stating that while the company has not yet announced concrete plans to expand its production footprint, it sees potential for additional U.S. or international expansion efforts later this year/early next year.