Mizuho lowered the firm’s price target on Array Technologies to $18 from $20 and keeps a Neutral rating on the shares. The company’s Q4 results beat estimates, but the fiscal 2024 revenue guide was significantly below estimates and backlog of contracts plus awarded orders, driven by longer installation period and pricing discipline on project bids in 2023 as Array worked to implement structural cost reductions, the analyst tells investors in a research note.
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