UPDATE: UBS Upgrades Array Technologies (ARRY) to Buy

UBS analyst Jon Windham upgraded Array Technologies (NASDAQ: ARRY) from Neutral to Buy with a price target of $43.00.

The analyst comments "We upgrade shares of ARRY from Neutral to Buy following YTD underperformance. ARRY shares are down ~40% YTD compared to a19% decline for the TAN solar ETF. We expect ARRY to benefit from solid U.S. utility-scale solar demand with 9% p.a. adj. EBITDA growth 2021-25E driven by international expansion underpinned by ARRY's differentiated & patent protected solar tracker product. Shares look relatively inexpensive trading at 19x 2022E EV/EBITDA compared to 39x for solar equipment manufacturing peers."

For an analyst ratings summary and ratings history on Array Technologies click here. For more ratings news on Array Technologies click here.

Shares of Array Technologies closed at $29.02 yesterday.

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