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Janney starts Array with Buy on ‘clear pathway’ to estimate revisions

Janney Montgomery Scott initiated coverage of Array Technologies (ARRY) with a Buy rating and $37 fair value estimate, which represents 80% upside. The company’s leverage to torque tube 45X investment tax credits could generate an average of $186M annually in the 2024 – 2026 modeling period, the analyst tells investors in a research note. The firm says this provides a “clear pathway for positive estimate revisions and deleveraging” in 2024 for Array. It believes the shares are trading at an attractive relative valuation, noting the five-turn discount on 2025 EBITDA estimates to its closest peer, Nextracker (NXT).

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