Array Technologies price target lowered to $25 from $30 at Truist

Truist lowered the firm’s price target on Array Technologies to $25 from $30 and keeps a Buy rating on the shares as part of a broader research note on Solar and Alternative Fuels names. Industry expectations driven by low rates and a global focus on energy availability have fallen back to earth in 2023, taking shares with it, but while the volatility remains, there is also meaningful upside opportunity moving into the Fed rate cut cycle, particularly for the residential solar group, the analyst tells investors in a research note. For Array Technologies, Truist notes that while the record sales pipeline as of Q3 earnings report gives the firm some incremental confidence in the ability for the team to ramp backlogs, with domestic content guidance still outstanding, it is “incrementally more cautious” into the print.