Oppenheimer analyst Colin Rusch upgraded Array Technologies to Outperform from Perform with a $20 price target. Array delivered “solid” Q1 results and strong bookings while reiterating 2024 guidance, says the analyst, who believes the company has successfully addressed the firm’s two primary concerns. The firm believes the H250 and OmniTrack products meet the needs of incremental market segments for Array and that its DuraTrack price adjustment, in line with cost declines, is driving significant sales acceleration. In addition, the firm believes the company delivering on cost discipline while continuing to invest in incremental product enhancements and anticipates that cost discipline will likely translate to better than expected operating leverage.
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