NEXTracker Inc Ordinary Shares - Class A

NXT: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$49.00	Vsgld	Hqpmkkq

Nextracker: Initiating Coverage of Market-Leading Solar Tracker Firm; Shares Overvalued

Brett Castelli

Jan 24, 2024

We initiate coverage of Nextracker with a no-moat rating, $34 fair value estimate, and a Very High Morningstar Uncertainty Rating. Nextracker benefits from robust profitability and a strong management team, but we believe margins are approaching peak levels and view shares as overvalued.

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