Array Technologies Reiterated With Buy Rating at BofA Securities
Bank of America analysts reaffirmed their Buy rating on Array Technologies (NASDAQ:ARRY), lowering their price target from $23 to $21. The analysts cited ongoing support for the company despite potential near-term volatility and customer delays impacting the stock.
They noted the company faces industry challenges like high rates and inflation, affecting smaller developers. However, no project cancellations have been reported, and Array expects around $300 million in high-likelihood orders driven by the Inflation Reduction Act. Despite year-to-date challenges, the bank remains optimistic about Array Technologies' market leadership and valuation.
| Symbol | Price | %chg |
|---|---|---|
| 322000.KS | 31850 | 23.08 |
| SWSOLAR.BO | 658.95 | 0 |
| SWSOLAR.NS | 658.65 | 0 |
| JSKY.JK | 52 | 0 |
Array Technologies Up 20% Despite Q3 Miss; Announced STI Norland Acquisition
Array Technologies, Inc. (NASDAQ:ARRY) shares closed 20.08% higher on Friday, despite the company’s reported Q3 miss. The EPS and revenues came in at ($0.07) and $192.1 million, below the consensus estimates of ($0.05) and $203.5 million, respectively. However, the company announced a significant acquisition in STI Norland.
Analysts at Oppenheimer view the acquisition as sound from an industrial logic perspective, diversifying the company's geographic footprint and supplementing its product offerings. The analysts also noted that the company continues to book significant volumes of business benefiting from its leading product portfolio and strong underlying demand. The analysts view the company's margin improvement plan as reasonable, but given the volatility in basic material availability and labor shortages across numerous segments of the economy, they are taking a conservative view of margin recovery modestly below management expectations.
