JPMorgan lowers Array target, opens ‘Positive Catalyst Watch’

JPMorgan analyst Mark Strouse lowered the firm’s price target on Array Technologies to $32 from $35 and keeps an Overweight rating on the shares. Following a “very volatile” last few months for alternative energy stocks, the Q3 results should be an “important catalyst, helping to buoy better positioned stocks that have been dragged down with the overall space,” the analyst tells investors in a research note. The firm believes overall industry growth is largely intact as project returns remain within targeted ranges aided by declining equipment pricing and continued increases in electricity pricing. JPMorgan upgraded First Solar (FSLR) to Overweight and placed its top picks Array Technologies (ARRY) and Nextracker (NXT) on “Positive Catalyst Watch” ahead of the earnings reports.