Nextracker price target raised to $93 from $89 at BMO Capital

Investing.com - BMO Capital raised its price target on Nextracker Inc (NASDAQ:NXT) to $93 from $89 while maintaining a Market Perform rating on the stock. Currently trading at $90.38, the stock has surged over 138% year-to-date, according to InvestingPro data, which rates the company’s overall financial health as "GREAT."

The research firm cited "plenty of positives" in Nextracker’s latest earnings report, including robust bookings of approximately $1.2 billion, which aligned with BMO’s estimate and brought the company’s total backlog to over $5 billion. The company’s strong performance is reflected in its 13.26% revenue growth over the last twelve months.

Nextracker raised its fiscal year 2026 guidance following what BMO described as a "strong 2Q beat," though the firm noted difficulty in quantifying the impact of Nextracker’s newly-acquired non-tracker businesses in the results.

BMO expects Nextracker’s upcoming capital markets day to provide more clarity, while acknowledging that management comments suggest the company’s EBOS and foundation products are "scaling up well."

At the previous closing price, Nextracker stock trades at 16.9 times BMO’s estimated calendar year 2027 core EBITDA, according to the research firm’s analysis.

In other recent news, Nextracker Inc. reported strong financial results for its fiscal second quarter of 2026, surpassing market expectations. The company achieved an earnings per share of $1.19, nearly doubling the anticipated $0.63. Revenue also exceeded projections, reaching $905 million, which marked a 33.24% increase over estimates. Additionally, Wolfe Research raised its price target for Nextracker to $116 from $97, maintaining an Outperform rating. The research firm highlighted Nextracker’s leadership in the solar tracker industry and its advantageous position in the expanding utility-scale solar market. Wolfe Research also pointed out the company’s independent row tracker design as a significant factor in improving project economics. These developments underscore Nextracker’s strong market position and financial performance.

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