In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on FTC Solar (FTCI – Research Report), with a price target of $1.50.
Amit Dayal has given his Buy rating due to a combination of factors related to the performance and future prospects of FTC Solar. Despite a year-over-year decline in revenues for the first quarter of 2024, the company’s financial results exceeded analyst expectations, suggesting resilience and potential for recovery. The company’s bookings rate, at approximately $50M per month, indicates a robust pipeline that is expected to significantly improve performance in the second half of 2024, with management aiming for breakeven adjusted EBITDA by the third quarter. Additionally, FTC Solar has demonstrated a strong backlog and order book, which points to sustained demand for its products and services.
The positive outlook is further underpinned by management’s strategic focus on enhancing customer service, sales, and engineering efforts. Furthermore, the company’s efforts to reduce unit costs and expected higher overhead absorption due to increased revenues hint at potential margin improvements. With a strong balance sheet, adequate working capital to meet near-term obligations, and key catalysts such as the appointment of a new CEO and margin growth, Dayal believes FTC Solar is well-positioned for a turnaround, warranting a Buy rating on its stock.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
FTC Solar (FTCI) Company Description:
FTC Solar Inc is a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. It focuses on providing differentiated products, software and services that maximize energy generation and cost savings for customers, and to help facilitate the continued growth and adoption of solar power globally.
Read More on FTCI:
