Shoals Technologies Group Inc. (NASDAQ:SHLS) is one of the best wind power and solar stocks to buy according to analysts. On September 8, Jefferies lifted its price target of the stock to $9 from $6 while reiterating a ‘Buy’ rating. The price target hike comes as the stock shows strong momentum, depicted by a 134% gain over the past six months.
The research firm remains confident about the company’s long-term prospects, with top-line growth expected through 2027. The growth would come as the company capitalizes on strong demand for battery energy storage systems among independent power producers and hyperscalers.
In addition to strong demand, the company’s push to expand into Australia and Latin America is also expected to accelerate growth. Consequently, Jefferies remains confident that Shoals will achieve mid-to-high 30s gross margins with capital expenditure stabilizing.
Shoals Technologies Group (NASDAQ:SHLS) makes important electrical parts that help solar power systems and other clean energy setups, like data centers, work smoothly. The company creates and sells products used in solar and battery storage projects, such as easy-to-connect cables, cabinets, and special wiring systems called big lead assemblies (BLA).
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Disclosure: None. This article is originally published at Insider Monkey.
