Array Technologies downgraded to Underperform from Neutral at BofA

BofA downgraded Array Technologies (ARRY) to Underperform from Neutral with a price target of $7, down from $8. The firm sees further risk to the company’s fiscal 2025 outlook from tariffs. India tariffs are set to double from 25% to 50% in November, while gearsets from Mexico face a new 25% duty, the analyst tells investors in a research note. BofA views these tariffs as incremental to Array’s outlook and believes the company’s fiscal 2025 margin target now loos “increasingly unrealistic.” The stock’s risk/reward now skews negative, contends the firm.