Array Technologies initiated with a Buy at BofA

BofA analyst Julien Dumoulin-Smith initiated coverage of Array Technologies with a Buy rating and $24 price target. Consensus estimates for Array miss the mark, positioning Array as a higher risk accelerated growth story in 2023+, Dumoulin-Smith tells investors in a research note, adding that he thinks Array is a lower risk margin accretion story as reversion in raw materials and logistics cost supports a return toward legacy low-20% gross margins.