Array Technologies, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Jon Windham from UBS maintained a Buy rating on the stock and has a $15.00 price target.
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Jon Windham has given his Buy rating due to a combination of factors that highlight Array Technologies’ strategic positioning and growth potential. The company is poised to capitalize on the increasing demand for utility-scale solar projects in the U.S., driven by the energy needs of AI data centers and large tech firms. Furthermore, Array Technologies is expanding its product lines, aiming to become a comprehensive solar project platform provider, which enhances its market presence and growth prospects.
Windham’s decision to raise the price target to $15 reflects a more favorable valuation based on a higher EV/EBITDA multiple, aligning with industry peers. This adjustment considers the reduced policy-related uncertainties and the company’s robust order bookings, which indicate a strong earnings outlook. The strategic diversification and alignment with industry trends position Array Technologies well for continued success, justifying the Buy rating.
In another report released on November 9, Seaport Global also upgraded the stock to a Buy with a $12.00 price target.