KeyBanc initiated coverage of Array Technologies with a Sector Weight rating and no price target. The analyst believes the shares “will likely remain in the penalty box for the foreseeable future,” as the company’s recent commentary and the 2024 outlook point to a slow recovery. Despite an “optically attractive valuation discount,” the firm believes a a Sector Weight rating is appropriate at this juncture given the broadly challenging macro backdrop.
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- Array Technologies price target lowered to $16 from $19 at Wells Fargo
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