- Bank of America analyst Adhok Bellurkar initiated TPI Composites Inc TPIC with an Underperform rating and a price target of $22 (implying a downside of 44.4%).
- Bellurkar mentions risk to profitability from raw material increases and contends that the consensus 8% revenue compound annual growth rate forecast is overestimating the company's growth given his views on increasing competition, contract expirations, and a slowing industry.
- Recently, the company reported Q2 results and guided FY21 net sales of $1.75 billion - $1.80 billion versus the consensus of $1.80 billion.
- Price Action: TPIC shares are trading lower by 7.37% at $39.46 on the last check Monday.
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