Raymond James initiates QXO stock with Outperform rating on acquisition strategy
Investing.com - Nomura/Instinet initiated coverage on Waaree Energies (WAAREEEN:IN) with a Buy rating and a price target of INR3,710.00.
The research firm identified Waaree as India’s largest solar module manufacturer by installed capacity, positioning the company to become highly backward-integrated by fiscal year 2028.
Nomura expects Waaree to expand its module capacity to 25.7GW from 14.9GW, cell capacity to 17.4GW from 5.4GW, and wafer capacity to 11.0GW from 0GW as of June 2025.
The firm cited Waaree’s integrated scale and extensive industry experience as competitive advantages over smaller, non-integrated peers in the solar manufacturing sector.
Supportive policies including ALMM and DCR are expected to drive domestic demand, with Nomura projecting Waaree to achieve a 29% volume compound annual growth rate from fiscal years 2025-2028 despite intensifying competition and oversupply concerns.
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