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.
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