BNP Paribas Downgrades Shoals Technologies Amid Competitive Pressure

Published 7 hours agoSHLS

BNP Paribas Downgrades Shoals Technologies Amid Competitive Pressure

BNP Paribas has downgraded Shoals Technologies Group from 'Outperform' to 'Neutral,' reducing its price target significantly from $15 to $7. This adjustment, made on August 7, 2024, reflects heightened competition in the solar tracker market, especially with Nextracker's entrance through a new partnership with Bentek.

This development underscores the competitive landscape Shoals Technologies now faces. Despite the downgrade, the consensus among analysts remains a 'Moderate Buy' for Shoals, with an average price target of $9.17. This sentiment suggests that analysts still see potential upside from its current trading levels. Reuters reported that as of May 15, 2025, Shoals' stock was trading at $4.54, marking a 25.7% decrease from its previous close.

Shoals Technologies has been experiencing intensified competition since Nextracker's strategic maneuver with Bentek, which poses a notable threat. The company's stock opened most recently at $4.82, with an intraday high of $5.29, but it settled lower as the day progressed. Intraday trading volume reached over 21 million, highlighting significant market interest and activity in response to the recent developments.

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