Array Technologies price target lowered to $8.50 from $11 at Jefferies

Jefferies lowered the firm’s price target on Array Technologies (ARRY) to $8.50 from $11 and keeps a Buy rating on the shares. With a decline of about 33%, shares have reset sharply post-earnings, notes the analyst, who says a discount to peers is evident despite record backlog growth and notes that while management has taken steps to shore up its backlog, it has “done so at the expense of margins.” Though management’s confidence in returning to a high-teens EBITDA profile is “tough to fully underwrite it,” the firm remains “cautiously optimistic at these levels,” the analyst added.