Array Technologies $ARRY stock is being pumped hard by analysts as of January 6, 2023. The stock is trading in a technical uptrend.
Array Technologies initiated with a Buy at BofA
BofA analyst Julien Dumoulin-Smith began covering Array Technologies on January 6, 2023, with a Buy rating and a $24 price target. Dumoulin-Smith informs investors in a research note that he believes Array is a lower risk margin accretion story as reversion in raw materials and logistics costs supports a return toward legacy low -20 percent gross margins. He adds that consensus estimates for Array miss the mark, positioning Array as a higher risk accelerated growth story in 2023.
Array Technologies initiated with an Overweight at Cantor Fitzgerald
Array Technologies was given an Overweight rating and a $26 price target by Cantor Fitzgerald analyst Derek Soderberg on December 23, 2022. Given the company’s track record, strong supply chain, and unique product offering, Array is a logical long-term partner for engineering, procurement, and construction companies as well as utility-scale solar operators, Soderberg writes in a research note to investors. According to the analyst, Array has the number one or two spot in the US market, which will put it in a good position to profit from growing US-specific tailwinds.
JPMorgan shuffles Focus List, names top 2023 alternative energy picks
JPMorgan analyst Mark Strouse added Array Technologies to the Analyst Focus List as growth prospects on December 15, 2022. The top three alternative energy investments recommended by Strouse for 2023 are Array, Shoals, and SolarEdge (SEDG). The analyst thinks that as businesses announce new manufacturing to take advantage of the Inflation Reduction Act, the alternative energy and services sector will enter a catalyst-rich environment in 2023. He anticipates that order activity will pick up, giving him revenue visibility through 2024 and beyond. After several years of outperformance by residential solar, 2023 looks promising for US utility-scale, which should recover from the disruption caused by geopolitical uncertainty in 2022, Strouse writes in a research note to investors.