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Array Technologies downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Christine Cho downgraded Array Technologies to Equal Weight from Overweight with a price target of $15, down from $22. Given weak bookings year-to-date and an expectation for a soft bookings again in Q4, the analyst lowered Array’s fiscal 2024 revenue estimate to $1.59B, reflecting 4% year-over-year growth and more than 15% below consensus.

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