Array Technologies (ARRY) PT Lowered to $14 at Wells Fargo

Wells Fargo analyst Michael Blum lowered the price target on Array Technologies (NASDAQ: ARRY) to $14.00 (from $16.00) while maintaining a Equal Weight rating.

The analyst comments "We're lowering our 2024 revenue est to $1.303B from $1.325B to reflect Q2'24 guidance below our prior forecast. Our revised 2024 EBITDA est is $294MM from $301MM. We're also lowering our 2025 revenue est to $1.528B from $1.69B to reflect risks to the pace of utility-scale solar deployments. We assume new potential AD/CVD duties & solar tariffs could limit solar panel availability and delay installation schedules. We’re lowering our 2025E EBITDA est to $304MM from $351MM."

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