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    Home ยป Solar Company Shoals Technologies Sees Bullish Momentum
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    Solar Company Shoals Technologies Sees Bullish Momentum

    October 11, 20232 Mins Read
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    Solar company Shoals Technologies is experiencing a surge in potential thanks to its attractive valuation and margin possibilities. In light of these developments, analysts at Goldman Sachs, led by Brian Lee, have upgraded shares of Shoals (ticker: SHLS) to Buy from Neutral. They have also increased the price target from $27 to $28, while raising their estimates for earnings and revenue.

    As a result of this positive news, shares of Shoals are up 3.2% to $17.28 on Wednesday.

    Reasons for Optimism

    There are several factors that explain analysts’ bullish outlook on Shoals.

    Firstly, Goldman Sachs points out that recent warranty expense issues have already been factored into the stock’s price. This should pave the way for expansion in margins.

    Secondly, the fundamentals of U.S. utility scale solar remain highly favorable compared to other solar companies. Additionally, there are multiple upcoming catalysts on the horizon for Shoals, leading into an expected robust growth backdrop in 2024.

    Lastly, despite facing some recent challenges, the stock is currently trading at historically low valuations, with a P/E ratio of around 20 over the next 12 months. This presents an opportunity for the stock to outperform.

    According to FactSet, the majority of analysts share this bullish sentiment, with 75% rating the stock as a Buy.

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