Pineapple Energy started at Outperfrom at Northland as 'idea whose time has come'
Pineapple Energy (NASDAQ:PEGY) is initiated with an Outperform rating and $5.70 price target Tuesday at Northland Capital, based on its view that the U.S. residential solar market is "ripe for a rollup, and that PEGY's management is well qualified to undertake this kind of operation in ways that can generate attractive returns to investors."
U.S. resi solar market is both mature enough to make for a 'target-rich' environment and new enough to allow for significant growth rates going forward, an ideal point in its growth curve "for a rollup strategy to work," and Pineapple Energy's (PEGY) management team is "highly qualified to lead this kind of rollup strategy," according to Northland's Donovan Schafer.
Despite Northland's recommendation, Pineapple Energy (PEGY) shares -8.9% Tuesday and -71% YTD.
Pineapple Energy (PEGY) is "the youngest public home solar company, with shares relatively under the radar due to its go-public method," Leo Nelissen writes in an analysis posted on Seeking Alpha.