Shoals Technologies raised at Citi following sharp YTD selloff

seekingalpha10-04

Shoals Technologies (NASDAQ:SHLS) -0.5% in Thursday's trading, fading from earlier gains, after Citi upgrades shares to Neutral from Sell with a $5.50 price target, up from $5, saying its risk profile...

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Shoals'  primary catalyst - the patent infringement case - has largely played out with the ALJ recommending a limited exclusion order, and utility-scale growth outlook at the company's investor day have reset expectations, Citi analyst Vikram Bagri says. Bagri believes the primary downside risk now is the AD product launch by Voltage, which could happen soon and will not be subject to the limited exclusion order, and rising competition from other competitors and relatively high margin outlook also pose downside risk. 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Shoals' (SHLS) primary catalyst - the patent infringement case - has largely played out with the ALJ recommending a limited exclusion order, and utility-scale growth outlook at the company's investor day have reset expectations, Citi analyst Vikram Bagri says. Bagri believes the primary downside risk now is the AD product launch by Voltage, which could happen soon and will not be subject to the limited exclusion order, and rising competition from other competitors and relatively high margin outlook also pose downside risk. 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