Goldman Sachs analyst Brian Lee lowered the firm’s price target on Array Technologies (ARRY) to $11 from $12 but keeps a Buy rating on the shares as part of a broader research note on Solar names. The company experienced some idiosyncratic issues that caused an estimated decline in revenue in FY24, though this decline was due to significant weakening in its Brazil business due to a myriad of factors as well as some project pushouts/delays within the U.S. impacting results, the analyst tells investors in a research note. The firm further cites the company indicating its backlog levels support growth of over 20% expected in FY2025, setting Array up well for a rebound in growth against a healthy macro backdrop.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
