Array Technologies (ARRY) PT Lowered to $8 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the price target on Array Technologies (NASDAQ: ARRY) to $8.00 (from $9.00) while maintaining a Market Perform rating.

The analyst commented, "We saw equal parts positives and negatives during ARRY's 3Q call. Management comments suggest current $2 billion backlog covers ~$1.3 billion of FY 2025 revenue implying upside to our/consensus estimates for FY 2025. However, project pushouts continued this quarter (in Brazil) and led company to reduce top end of FY24 revenue guidance. Combined with one-time opex items, resulted in ARRY cutting FY 2024 EBITDA/EPS guidance again. $230mm 3Q bookings likely raises specter of additional U.S. market share losses to NXT. Remain Mkt; Target price lowered to $8."

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