Array Technologies: Hold Rating Amid Tariff Concerns and IRA Reform Uncertainties

Jeff Osborne, an analyst from TD Cowen, maintained the Hold rating on Array Technologies (ARRY – Research Report). The associated price target remains the same with $7.00.

Jeff Osborne’s rating is based on several factors influencing Array Technologies’ current market position. The company is expected to meet its first-quarter guidance due to robust construction activity, which has carried over from the previous quarter. While the reliance on U.S. steel minimizes the direct impact of tariffs, there is concern about potential project delays caused by tariffs and possible reforms to the Inflation Reduction Act (IRA).
Additionally, the company’s financial performance, including adjusted EBITDA and EPS, aligns closely with market expectations, and the order book remains strong. However, uncertainties such as the impact of tariffs on certain products and the pause in projects by globally diversified players contribute to the Hold rating. The market is also watching for changes in the company’s credit rebate strategy and customer demand in light of potential IRA modifications and tariff volatility.

Osborne covers the Technology sector, focusing on stocks such as Enphase Energy, First Solar, and Itron. According to TipRanks, Osborne has an average return of -2.1% and a 37.37% success rate on recommended stocks.

In another report released on April 23, Morgan Stanley also maintained a Hold rating on the stock with a $6.00 price target.