Barclays upgrades Array Technologies with ‘green shoots’ emerging

Barclays analyst Christine Cho upgraded Array Technologies (ARRY) to Overweight from Equal Weight with a price target of $18, up from $15. The analyst says Array should outperform Nextracker (NXT) in the coming months given its “de-risked” 2024 revenue guidance, early signs that the company could be taking back share, and relative valuation versus peers. While Array encountered some execution mishaps last year which resulted in market share losses, “some green shoots” indicate that it will be much more competitive on a go-forward basis, which could materialize in it taking back some share, the analyst tells investors in a research note.