Analyst Jeff Osborne of TD Cowen maintained a Buy rating on FTC Solar (FTCI – Research Report), with a price target of $1.00.
Jeff Osborne has given his Buy rating due to a combination of factors highlighting FTC Solar’s strategic repositioning and financial maneuvers. The company’s focus on its 1P product line, which now makes up the majority of its bookings, signals a significant move to capture a larger portion of the solar market. This product’s unique features, such as high wind resistance and compatibility with diverse module types, position FTC Solar favorably among developers.
Furthermore, Osborne recognizes the company’s efforts in cost management and financial stabilization, as evidenced by the issuance of a $15 million promissory note. This move, along with agreements like the 1GW tracker supply deal, underscores FTC Solar’s potential to enhance its competitive position. Although challenges such as revenue decline and gross margin pressures persist, these strategic steps are viewed as positive indicators for future growth and sustainability.
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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.
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