Truist raised the firm’s price target on Array Technologies to $38 from $32 and keeps a Buy rating on the shares as part of a broader research note on Solar Supplier names. The firm believes that utility-scale suppliers will continue to garner a premium in the coming quarters, reflecting favorable margin and growth tailwinds, though it also sees incremental risk around a near-term U.S. residential recovery on rate and spending headwinds, the analyst tells investors in a research note. Array Technologies is also set for the “most impactful near-term launches”, with the company’s early 2024 rollout of OmniTrack and STI H250 tracker products, Truist added.
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