Array Technologies price target lowered to $11 from $13 at Oppenheimer

Oppenheimer lowered the firm’s price target on Array Technologies (ARRY) to $11 from $13 and keeps an Outperform rating on the shares. While Array posted strong bookings and revenue in Q4 and is guiding to mid-teens growth in 2026 aided by the APA acquisition, the company is working through a messy product transition with its H250 product after removing significant STI backlog, the firm argues. Oppenheimer continues to see a compelling growth opportunity for Array, but believes investors are increasingly cautious on value creation from the platform given significant portions of historic growth have come from acquisitions while the cost of its preferred remains nearly 30% of 2026 EBITDA guidance.