Array Technologies (ARRY) PT Raised to $14 at Piper Sandler

Piper Sandler analyst Kashy Harrison raised the price target on Array Technologies (NASDAQ: ARRY) to $14.00 (from $13.00) while maintaining a Neutral rating.

The analyst commented, "Expectations surrounding ARRY were volatile into earnings. The market was initially positively inclined given the potential for increased bookings and an expectation that ARRY would reiterate (ex-credits) margin targets. However, following the SHLS debacle on Tuesday, expectations became low. In our view, ARRY delivered a good enough update as financial results handily exceeded expectations, net bookings (while beneath PSC) were within the realm of expectations, and pricing commentary on incremental bookings were favorable. 2Q guidance was light, guidance is more back-end weighted than expected, and does not (yet) include any AD/CVD risk. Accordingly, we are biased to the low end of '24 guidance. While we retain our conservative '25 expectations vs. consensus given declining backlog conversion rates, we were encouraged by ARRY's commentary surrounding risk embedded within the multi-year backlog for interconnections, permitting, financing, and critical equipment. Overall, a good enough update from ARRY given low expectations."

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