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

Truist lowered the firm’s price target on Array Technologies to $12 from $23 and keeps a Buy rating on the shares after its Q2 results and FY24 guidance cut. 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 the 2024 and 2025 esimates to more properly account for further project delay risk, the analyst tells investors in a research note. While Array will have to work its way past near-term headwinds however, Truist remains positive on the company’s long-term value proposition, noting steady bookings activity and strong margins that should position the company well once project timing headwinds subside, the firm added.