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FTC Solar, Shoals Technologies Slide After Piper Sandler Downgrade

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  • Piper Sandler analyst Kashy Harrison downgraded two electrical equipment companies, citing the U.S. Department of Commerce's decision to investigate antidumping and countervailing duty circumvention in certain Southeast Asian countries that will cause project delays.

  • The analyst noted delay risk is already being reflected in the stock. Meanwhile, a Neutral rating is warranted as FTC Solar Inc (NASDAQ: FTCI) and Shoals Technologies Group Inc (NASDAQ: SHLS) are binary options on antidumping and countervailing at this point.

  • The analyst downgraded FTC Solar to Neutral from Overweight and lowered the price target to (an upside of 1.3%) from $9.

  • The analyst also downgraded Shoals Technologies to Neutral from Overweight and lowered the price target to (an upside of 16%) from $26.

  • Price Action: FTCI shares are trading lower by 14.81% at $3.94 and SHLS lower by 11.9% at $13.85 on the last check Friday.

Latest Ratings for SHLS

Mar 2022

Piper Sandler

Maintains

Overweight

Mar 2022

Guggenheim

Upgrades

Neutral

Buy

Jan 2022

Truist Securities

Maintains

Hold

View More Analyst Ratings for SHLS

View the Latest Analyst Ratings

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