Array Technologies (ARRY – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Mark Strouse from J.P. Morgan maintained a Buy rating on the stock and has a $13.00 price target.
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Mark Strouse has given his Buy rating due to a combination of factors, primarily focusing on Array Technologies’ strategic acquisition of APA Solar. This acquisition is expected to be immediately beneficial, enhancing both cost and revenue synergies as customers demand more comprehensive solutions. The deal is structured to be accretive to earnings per share in the first year, and it positions Array Technologies to capitalize on the growing utility-scale solar market.
Additionally, Array Technologies is trading at a notable discount compared to its historical multiples and peers within the Clean Energy sector, making it an attractive investment. The company’s strong gross margins and the anticipated growth in the utility-scale solar industry further support the positive outlook. The updated price target reflects the potential earnings from the APA acquisition and the expected tax credits, reinforcing the Buy recommendation.
In another report released on June 18, Oppenheimer also reiterated a Buy rating on the stock with a $13.00 price target.