Array Technologies price target lowered to $25 from $33 at Scotiabank

Scotiabank analyst Tristan Richardson lowered the firm’s price target on Array Technologies to $25 from $33 and keeps an Outperform rating on the shares. The analyst reduced estimates in the near term and the outyears on lower selling price assumptions and flat MW shipments year-over-year in fiscal 2024. Management called for project delays and pushouts into the second half of 2024 on elongated project timelines as well as some supply chain constraints, the analyst tells investors in a research note.