Array Technologies price target lowered to $17 from $20 at Oppenheimer

Oppenheimer lowered the firm’s price target on Array Technologies to $17 from $20 and keeps an Outperform rating on the shares. While Array beat street expectations, updated guidance reflecting project delays in the U.S. and Brazil, lower commodity prices, and $17M in cancellations will likely weigh on shares near-term, the analyst tells investors in a research note. At the same time, Oppenheimer believes Array’s deleveraging story is intact and continues to see significant unrealized value in shares given limited project cancellations, backlog growing industry-wide to meet additional demand.