Analyst Joseph Osha upgraded Shoals shares to buy, citing strong first-quarter results and a higher-than-expected full-year outlook.
Guggenheim says Shoals Technologies is poised to see big market share gains as demand grows. Analyst Joseph Osha upgraded Shoal shares to buy from neutral. His price target of $30 per share implies 52.1% upside from Monday's close price. "SHLS delivered Q1 results that exceeded our estimates, notably at the gross margin line.
At the same time, we note that valuation for SHLS has become more attractive, with the stock down 17% since the beginning of the year as compared to an 8% increase for the S & P500 over the same time period," said Osha. "Demand is solid, but we think SHLS's success is also driven by market share gains. We believe that relatively more of SHLS's growth is coming from market share gains as opposed to unexpected strength in utility-scale solar," he said.
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