Array Technologies price target lowered to $12 from $23 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Array Technologies to $12 from $23 and keeps a Buy rating on the shares. Significant near-term market headwinds facing the utility-scale solar space continue to have an outsized impact on Array’s volume profile, causing the firm to “meaningfully” reduce both its 2024 and 2025 estimates to more properly account for further project delay risk, the analyst tells investors in a research note. The firm added that it remains positive on the long-term value proposition.