JPMorgan raised the firm’s price target on Array Technologies (ARRY) to $13 from $12 and keeps an Overweight rating on the shares after the company said it intends to acquire APA Solar, a privately-held foundation and fixed-tilt solutions provider for the utility-scale solar market. Similar to peer Nextracker’s (NXT) two foundation acquisitions over the past year, JPMorgan likes this deal, which is expected to be immediately accretive with material cost and revenue synergies as customers increasingly seek broader solutions, the analyst tells investors in a research note.
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Read More on ARRY:
- Array Technologies price target raised to $9 from $8 at Mizuho
- Array Technologies Acquires APA Solar for $179 Million
- Array Technologies to acquire APA Solar for $179M
- Guggenheim says Senate draft tax language ‘quite negative’ for residential solar
- Senate tax committee offers solar/wind tax credit phase-out, Reuters says
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