Northland analyst Donovan Schafer lowered the firm’s price target on Array Technologies to $20 from $22 and keeps an Outperform rating on the shares after the company reported a Q1 beat and “solid backlog,” with about $400M net new orders. However, the conversion rate is likely to be slower as longer-term orders get added and the firm sees some risk that Section 45X gross margin benefits “could get competed away.”
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