Nextracker's outlook received a boost following updated IRS safe-harbor rules that clarify eligibility for clean-energy tax credits. This regulatory development is expected to positively impact solar tracker manufacturers.
The new guidance from the U.S. Treasury and IRS specifically recognizes racking installation and off-site work as qualifying activities for these tax incentives. This clarification reduces previous uncertainties surrounding the application of the credits.
Guggenheim upgraded Nextracker from Neutral to Buy, setting a price target of $74, citing these favorable IRS rule changes as a key driver. The improved clarity on tax credits enhances the economic viability of solar projects, potentially increasing demand for Nextracker's solutions.
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