Array Technologies price target lowered to $26 from $28 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Array Technologies to $26 from $28 and keeps an Overweight rating on the shares post the preliminary Q4 results. While forward EBITDA guidance came in light of estimates, the company’s recent history of executing above expectations coupled with the potential of manufacturing credit adders once Treasury provides clarification in the coming months increases the probability of favorable earnings revisions during 2023, the analyst tells investors in a research note.