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Investing.com - TD Cowen raised its price target on Nextracker Inc (NASDAQ:NXT) stock to $65 from $55 while maintaining a Hold rating on Wednesday. The stock, which has delivered an impressive 77.66% return year-to-date, is currently trading near its Fair Value according to InvestingPro analysis.
The solar tracking system manufacturer delivered a strong quarter and raised its fiscal year 2026 guidance, supported by record backlog, according to TD Cowen. InvestingPro data shows the company’s robust financial health with an 18.38% revenue growth and a P/E ratio of 18.36, while maintaining strong profitability metrics.
The firm noted that the majority of Nextracker’s backlog has secured Investment Tax Credit ( ITC (NSE:ITC)) safe harbor, providing visibility for future performance.
TD Cowen highlighted that expected guidance updates from the Treasury Department present uncertainty for the company despite its strong position.
Nextracker plans to hold an investor day on November 12 that will provide a road map on building non-tracker revenue streams, with TD Cowen’s new price target based on an 11x FY26 EV/EBITDA multiple.
In other recent news, Nextracker Inc. reported impressive financial results for the first quarter of fiscal year 2026. The company significantly outperformed expectations with an earnings per share of $1.16, which was much higher than the forecasted $0.61. This represents a substantial 90.16% earnings surprise. Additionally, Nextracker’s revenue reached $864 million, surpassing the anticipated $632.94 million by 36.51%. These results reflect a strong start to the fiscal year for Nextracker, showcasing its ability to exceed market expectations. The company’s financial performance highlights its robust operational capabilities and market position. Investors and analysts will likely be closely monitoring Nextracker’s future earnings reports to assess its ongoing financial health. These recent developments underscore the company’s significant progress in its financial performance.
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