Guggenheim Upgrade Lifts Nextracker 11% and Fuels Solar Rally

Guggenheim Securities raised its rating on solar-tracking equipment maker Nextracker Inc. to Buy from Neutral and set a $74 price target, implying a roughly 22% gain on last Friday’s close. The brokerage said the company’s valuation has become attractive amid accelerating project activity and improving margin visibility. The upgrade sparked fresh buying across solar equities. Nextracker shares climbed about 11% in early New York trading, while panel manufacturer First Solar Inc. advanced roughly 8%. The broader Invesco Solar ETF also firmed, extending a sector rally that began earlier this month.