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Benzinga
Benzinga
Business
Akanksha Bakshi

FTC Solar, Shoals Technologies Slide After Piper Sandler Downgrade

Piper Sandler FTC Solar Shoals Technologies Nasdaq SHLS
  • 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 $4 (an upside of 1.3%) from $9.
  • The analyst also downgraded Shoals Technologies to Neutral from Overweight and lowered the price target to $16 (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.
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