Array Technologies (ARRY) PT Lowered to $17 at Oppenheimer

Oppenheimer analyst Colin Rusch lowered the price target on Array Technologies (NASDAQ: ARRY) to $17.00 (from $20.00) while maintaining a Outperform rating.

The analyst commented: "While ARRY beat street expectations, updated guidance reflecting project delays in the US and Brazil, lower commodity prices, and $17M in cancellations will likely weigh on shares near-term. However, the company continues to generate strong cash flow, optimize operations, and evolve its product portfolio. We believe ARRY's deleveraging story is intact and note aftermarket
trading implies 7-8x EV/OpCo's 2025E EBITDA. We are lowering our estimates for this year and next while taking our PT to $17 in line with updated estimates, but continue to see significant unrealized value in shares given limited project cancellations, backlog growing industry-wide to meet additional demand, and ARRY maintaining a strong product offering while working to accommodate customer needs."

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