Jefferies analyst Dushyant Ailani initiated coverage of Array Technologies (ARRY) with a Hold rating and $18 price target. Array provides solar ground mounting tracking systems and while the firm is constructive on utility-scale solar, the focus remains on Array’s ability to convert its backlog to revenue and continue adding to it. Array has experienced project delays, which is an issue “not particularly prevalent for peers” Nextracker (NXT) and Nacco (NC), says the analyst, who notes that risks around added delays keep the firm at Hold.
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