Array Technologies initiated with an Outperform at Wolfe Research

Wolfe Research analyst Steve Fleishman initiated coverage of Array Technologies with an Outperform rating and $25 price target. The analyst sees Array as an alternative way to gain exposure to largescale solar at a "reasonable valuation" with the potential for upside from Inflation Reduction Act tax credits. Array is the second largest solar tracker company globally and is set to benefit from the utility-scale solar buildout "that could be in the early stages of a multi-decade run," the analyst tells investors in a research note.