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Array Technologies price target lowered to $17 from $22 at Seaport Research

Seaport Research analyst Tom Curran lowered the firm’s price target on Array Technologies to $17 from $22 and keeps a Buy rating on the shares. The company’s backlog has suffered a disproportionate amount of push outs and adjustments, provoking concerns about the company’s appetite for and controls around contract risk, the analyst tells investors. The firm maintains its Buy rating because it sees several positive factors that have developed since mid-2022, including increased profitability, a new gross margin run rate, substantial deleveraging, expansion of its tracker suite, and improved free-cash-flow conversion.

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