Guggenheim upgrades Array Technologies, says outlook ‘better than it seems’

Guggenheim upgraded Array Technologies (ARRY) to Buy from Neutral with a $10 price target Q4 results and the company’s 2025 outlook were in line with the firm’s estimates, though below the Street’s 2025 view, the analyst noted. However, the 2025 outlook “appears better than at first glance,” argues the analyst, who underestimated the extent to which lower steel prices are driving lower prices for Array. Looking at backlog, the $2B outcome “may have disappointed some people,” but Brazil debookings were a headwind even though bookings should reappear later in the year once power purchase agreements are renegotiated, the analyst added.