Citi upgraded Array Technologies to Buy from Neutral with a price target of $14, down from $17. The shares are down over 40% this year, likely on fears of project push-outs, an unexpected CFO change, potential near-term margin pressure due to freight costs, and price declines, the analyst tells investors in a research note. The firm believes investors are focused on very near-term challenges, while Array’s long-term growth story remains intact. The company should regain market share this year and exit 2024 with record backlog, says Citi.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ARRY:
- Array Technologies price target lowered to $17 from $18 at Scotiabank
- Array Technologies initiated with a Positive at Susquehanna
- What You Missed This Week in EVs and Clean Energy
- SMA Solar cuts sales and earnings guidance for FY24
- Array CEO Kevin Hostetler Testifies Before Congress on the Solar Manufacturing Boom from the Inflation Reduction Act