Barclays Sees Big Growth for Shoals Technologies in Battery Storage and Data Centers
Barclays has identified significant growth opportunities for Shoals Technologies (NASDAQ: SHLS) in battery energy storage systems and data centers. The bank has raised its price target for the company and expects its revenues to surpass current consensus estimates by 2027.
Barclays now anticipates Shoals Technologies' revenues to reach $639 million by 2027, outpacing the current consensus of $580 million. The U.S. stock market size for data center storage solutions is expected to reach $190 billion by 2035, presenting a substantial opportunity for Shoals.
Following this positive outlook, Barclays upgraded its rating on Shoals Technologies to Overweight from Equal Weight, leading to a 12.4% increase in the company's stock market price. Meanwhile, Barclays downgraded Array Technologies (NASDAQ: ARRY) to Equal Weight from Overweight, citing soft orders and margin headwinds from tariffs. Array Technologies' stock market price fell by 2.5% as a result.
Barclays' bullish outlook on Shoals Technologies reflects the growing potential in battery energy storage and data center markets. The company's stock market price reacted positively to the upgrade, while Array Technologies faced a downgrade due to market challenges.
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