Jeff Osborne, an analyst from TD Cowen, maintained the Buy rating on FTC Solar (FTCI – Research Report). The associated price target is $1.00.
Jeff Osborne’s Buy rating for FTC Solar’s stock is attributed to a blend of factors. The abrupt dismissal of the company’s CEO and CFO by the board of directors was an unexpected development. Despite this, the company’s remaining executive team is expected to manage day-to-day operations effectively, under the guidance of the board. This collective leadership aims to enhance the company’s momentum during this transitional phase. The company’s bookings have been sluggish, which is a trend observed across its peers as well, but this was not entirely unanticipated due to FTC’s high customer concentration.
In addition, FTC’s future guidance for the 4th quarter of 2023 and the 1st quarter of 2024 did not meet expectations. This is primarily due to ongoing project delays that have deferred revenue until early 2024. However, one promising aspect is the company’s improving gross margins, which is a result of its cost reduction efforts. The company reported Non-GAAP gross margins of 12.8% on just $30 million in revenue. These efforts are in line with FTC’s goal of becoming profitable by the fiscal year 2024, which is a positive sign for investors and possibly a driving factor for Jeff Osborne’s Buy rating.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $2.00 price target.
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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:
- FTC Solar Announces Third Quarter 2023 Financial Results and Leadership Transition
- FTC Solar to Announce Third Quarter Financial Results Wednesday, November 8, 2023
- FTC Solar price target lowered to $1.50 from $2.50 at Piper Sandler
- FTC Solar awarded 225MW Sandhills Energy Solar project
- FTC Solar ‘more likely to break to the upside’ after conference, says Northland
