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Baird starts Array Technologies with Outperform on tracker position

Baird last night initiated coverage of Array Technologies (ARRY) with an Outperform rating and $11 price target Array is one of the largest providers of solar trackers in both the U.S. and global markets, specializing in primarily single-axis trackers for utility-scale solar, the analyst tells investors in a research note. The firm says capacity constraints on the electric grid and greater scale lead it to favor utility-scale over residential solar. Baird says Array serving a large market and improving its technology while solar is among the lowest cost sources of power globally.

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