Wall Street is racing up to raise its price target on Nextracker Inc (NASDAQ: NXT) after the solar tracker solutions company reported exceptionally strong results for its fiscal third quarter.  

Nextracker stock is already up a whopping 20% at writing. But the Street is convinced it now has a lot more room to the upside.

Analysts at JPMorgan, for example, reiterated their “buy” rating on $NXT this morning and raised their price objective to $73 which suggests the stock could climb another 35% from here.  

JPM experts were particularly impressed of a broad-based strength in booking that pushed backlog up to a new record.

Praneeth Satish – a Wells Fargo analyst also lifted his price target on Nextracker stock by $11 following its Q4 earnings print.

On Thursday, Nextracker Inc raised its guidance for the full year as well.

The Nasdaq listed firm now forecasts about $2.65 of per-share earnings on $2.45 billion in sales for its fiscal 2024. Its previous guidance was for $2.05 a share and $2.35 billion, respectively.

Nextracker ended the quarter with roughly $800 million in total liquidity and $314 million in adjusted free cash flow (YTD). You can read its full earnings release on this link.

The strength of its balance sheet was sufficient for analysts at Cantor, Piper Sandler, and Truist Securities to raise their price objectives on Thursday which now sit at $62, 63, and $70 per share, respectively.

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