Bank of America analysts reaffirmed their Buy rating on Array Technologies (NASDAQ:ARRY), lowering their price target from $23 to $21. The analysts cited ongoing support for the company despite potential near-term volatility and customer delays impacting the stock.
They noted the company faces industry challenges like high rates and inflation, affecting smaller developers. However, no project cancellations have been reported, and Array expects around $300 million in high-likelihood orders driven by the Inflation Reduction Act. Despite year-to-date challenges, the bank remains optimistic about Array Technologies’ market leadership and valuation.