Goldman Sachs analyst Brian Lee lowered the firm’s price target on Array Technologies (ARRY) to $11 from $12 but keeps a Buy rating on the shares as part of a broader research note on Solar names. The company experienced some idiosyncratic issues that caused an estimated decline in revenue in FY24, though this decline was due to significant weakening in its Brazil business due to a myriad of factors as well as some project pushouts/delays within the U.S. impacting results, the analyst tells investors in a research note. The firm further cites the company indicating its backlog levels support growth of over 20% expected in FY2025, setting Array up well for a rebound in growth against a healthy macro backdrop.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ARRY:
- Array Technologies, RP surpass 6GW of solar power depoloyed
- Array Technologies Appoints New Chief Financial Officer
- Array Technologies names Jennings as Chief Financial Officer
- Commerce sets new antidumping tariff rate of 125.37% on certain solar cells
- Commerce to decide on another round of solar panel tariffs, Reuters reports