Morgan Stanley analyst David Arcaro has maintained their neutral stance on ARRY stock, giving a Hold rating today.
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David Arcaro has given his Hold rating due to a combination of factors including the mixed financial performance and future outlook of Array Technologies. The company’s third-quarter revenue exceeded expectations, partly due to a pull-forward of revenue and recognition of APA revenue. However, the gross margin was negatively impacted by tariffs and lower-margin contributions from APA, along with reduced international shipments.
Despite a positive outlook for 2026, with strong demand anticipated from tier 1 customers and a growing order book, the guidance for the remainder of 2025 appears less optimistic. The company has lowered its gross margin and free cash flow guidance, partly due to the APA acquisition. While there are efforts to mitigate tariff impacts through pricing strategies and supply chain adjustments, these factors contribute to a cautious stance, justifying the Hold rating.
In another report released today, TD Cowen also maintained a Hold rating on the stock with a $10.00 price target.