Scotiabank lowered the firm’s price target on Array Technologies to $18 from $25 and keeps an Outperform rating on the shares. Clean technologies stocks have notably underperformed compared to the broader market year-to-date, the analyst tells investors. However, the firm speculates these stocks are nearing a bottom in business fundamentals as inventory channel clearings are nearly complete and electric utility power prices continue to rise. Array Technologies is the firm’s top pick within the space.
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