Array Technologies price target lowered to $29 from $35 at JPMorgan

JPMorgan lowered the firm’s price target on Array Technologies to $29 from $35 and keeps an Overweight rating on the shares. The company reported Q4 revenue and earnings above expectations while bookings activity was solid, which should alleviate some recent bearish concerns regarding market share dynamics, the analyst tells investors in a research note. However, the firm says that despite a growing sales pipeline, project timing remains very fluid and delays driven by customer supply chain, interconnections, financing, and Inflation Reduction Act bonus added uncertainty, lead to a fiscal 2024 outlook well below expectations. JPMorgan feels Array’s outlook versus peers can be mostly explained by differences in projects and is not indicative of a more sustained technology disadvantage.