Northland lowered the firm’s price target on Array Technologies to $27 from $32 and keeps an Outperform rating on the shares following a “mixed” Q3 and lowering of its 2023 guidance. Q3 revenue fell more than expected and implied Q4 guidance means another quarter-over-quarter decline, notes the analyst, who says the top-line trend is “feeding into fears around high interest rates hurting project economics,” though the firm thinks that “conclusion is premature.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ARRY:
- Array Technologies price target lowered to $30 from $35 at Roth MKM
- Array Technologies should be bought on weakness, says JPMorgan
- Array Technologies narrows FY23 EPS view to $1.00-$1.05 from $1.00-$1.07
- Array Technologies reports Q3 EPS 21c, consensus 12c
- Array Technologies, Inc. Reports Financial Results for the Third Quarter 2023 – Continues strong operational execution; announced Chief Financial Officer transition