Array Technologies assumed with Buy from Hold at Jefferies

Jefferies upgraded Array Technologies to Buy from Hold with an $11 price target after assuming coverage of the name. Array is a solar tracking company in a concentrated market with a focus on building a higher quality backlog, the analyst tells investors in a research note. The firm believes the stock’s “discounted valuation” versus its clean peers offers an attractive entry point. Array’s “weak guidance track record is a concern, but we believe the worst of revisions has passed,” Jefferies adds.