Array Technologies: Buy Rating Reiterated on Strong Backlog and Operational Execution; $12 Price Target Maintained

Analyst Jeff Osborne of TD Cowen maintained a Buy rating on Array Technologies, retaining the price target of $12.00.

Jeff Osborne has given his Buy rating due to a combination of factors, starting with Array’s substantial first-quarter outperformance and the company’s ability to maintain its full‑year outlook despite logistics headwinds tied to Middle East tensions. Management offset elevated shipping costs through better operational efficiency, renegotiated supply contracts, and a growing contribution from higher‑value new products, which now comprise a significant share of the backlog.

Osborne also highlights the record $2.4 billion order book, which is predominantly U.S.-based, heavily exposed to Tier 1 customers, and expected to convert largely within six quarters, providing strong revenue visibility. While he acknowledges that margins may tighten in the second half due to a greater international mix and persistent freight costs, he views the strengthened APA pipeline, expanding utility and AI data center demand, and unchanged $12 price target as supportive of further upside in the shares.

In another report released on April 21, Citi also maintained a Buy rating on the stock with a $12.00 price target.