- Wells Fargo analyst Michael Blum initiated coverage on Array Technologies Inc (NASDAQ:ARRY) with an Overweight rating and a price target of $28.
- The rating reflected a blend of the analyst's target P/E multiple, target EV/EBITDA multiples, and discounted cash flow analysis.
- Array is the second-largest solar tracker company in the world, selling rotating mount systems ("trackers") for utility-scale solar installations that enable solar panels to track the sun and more effectively capture solar energy.
- Blum project ARRY to grow revenues at a CAGR (2022-2030E) of 10% (BNEF utility solar growth forecast), driven by policy support, solar's low cost, and state and federal utility mandates to de-carbonize and achieve net zero targets.
- While expecting near-term growth could be muted due to restrictive government policies on solar panel imports, the analyst likes the long-term prospects for utility-scale solar and see ARRY at an inflection point to higher margins and FCF generation.
- Also Read: First Solar Fundamentals Likely To Come Under Pressure In 2023, Analyst Downgrades Stock With 66% Price Target Cut
- Price Action: ARRY shares traded lower by 6.77% at $20.37 on the last check Tuesday.
Array Technologies' Long-Term Prospects For Utility-Scale Solar Wins Analyst Conviction
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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Risk Disclaimer
The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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