Array Technologies price target lowered to $12 from $17 at Scotiabank

Scotiabank lowered the firm’s price target on Array Technologies to $12 from $17 and keeps an Outperform rating on the shares. Shares are lower since last weeks’ guidance down for FY24, which implied continues headwinds in the second half of the year, the analyst tells investors. The firm, however, sees upside to the sharp reaction, arguing the current valuation is now discounted when compared to current peer valuation