Powell speech takes center stage in Tuesday’s economic events
Investing.com - UBS raised its price target on Nextracker Inc (NASDAQ:NXT) to $110 from $75 while maintaining a Buy rating on the solar tracking equipment manufacturer. The stock, currently trading at $83.85, has delivered an impressive 147% return over the past year, according to InvestingPro data.
The investment firm cited Nextracker’s strong positioning as a market-leading provider of solar hardware equipment, which enables the company to capture greater relative share of 45X advanced manufacturing tax credits.
UBS believes these tax advantages will allow Nextracker to fund further solar industry consolidation and potentially expand into related product lines.
The firm’s bullish outlook is underpinned by Nextracker’s ability to leverage its solar tracker market share leadership and strong customer relationships to expand its product offerings.
UBS expects Nextracker to transform from a solar tracker manufacturer into a broader solar project platform provider, supporting the higher price target.
In other recent news, NextGen Digital Platforms Inc. announced a non-brokered private placement aimed at raising up to $2 million. The company plans to issue up to 5 million units, each priced at $0.40, with each unit comprising one common share and one-half of a transferrable share purchase warrant. Additionally, NextGen has appointed Mark Creaser, CEO of DSV Fund, as an advisor, leveraging his expertise in decentralized AI and Web3 infrastructure. Meanwhile, Nextracker Inc. has been the focus of several analyst updates. Deutsche Bank initiated coverage on Nextracker with a Buy rating, citing its leading market position in the solar tracker industry. Jefferies raised its price target for Nextracker to $84, driven by expectations of significant non-tracker revenue growth. UBS maintained its Buy rating and $75 price target for Nextracker following its $53 million acquisition of Origami Solar. These developments reflect ongoing strategic moves and analyst confidence in both companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.