Array Technologies price target lowered to $13 from $14 at Oppenheimer

Oppenheimer lowered the firm’s price target on Array Technologies (ARRY) to $13 from $14 and keeps an Outperform rating on the shares. With Array delivering better than feared Q4 operating results, a write-down of its STI Norland acquisition and de-bookings in South America offset relatively strong operating performance, the firm says. Oppenheimer is encouraged that Array has adjusted its forecasting process and is seeing results align with projections. Ex-STI Norland weakness, the company’s bookings activity was better than expected across geographies even with select price pressure. As the firm adjusts estimates to account for slightly lower margins, it continues to believe shares are oversold.