Cantor Fitzgerald lowered the firm’s price target on Array Technologies to $18 from $22 and keeps an Overweight rating on the shares. After multiple guide-downs related to further project pushouts in recent quarters, the trend continued as Array guided FY24 revenue that was well below consensus estimates, the analyst tells investors in a research note. Array is continuing to face project delays, macro headwinds, and is now choosing to pass on low-margin projects, and Cantor believes the uncertainty surrounding Array could remain an overhang on the stock through the first half of 2024.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ARRY:
- Array Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2023; Full year 2023 net income of $86 million; Record full year Adjusted EBITDA of $288 million
- Is ARRY a Buy, Before Earnings?
- Array Technologies (NASDAQ:ARRY): Investors Eye Q4 Earnings as Potential Inflection Point
- Array Technologies and Alupco® Announce Strategic Partnership to Fuel Growing Renewable Energy Market in the Middle East
- Array Technologies, Alupco announce strategic partnership