Array Technologies price target raised to $8 from $7 at BofA

BofA raised the firm’s price target on Array Technologies (ARRY) to $8 from $7 and keeps a Neutral rating on the shares. Array priced $300M of 2.875% convertible senior notes due 2031 and the stock fell 14%, which is likely on hedge-related selling ahead of pricing, the analyst tells investors. The conversion price implies $8.12 per share, a 27.5% premium to the prior close, with about 22% potential dilution, but capped calls likely offset dilution above $12.74 per share, the analyst said. The firm adjusted its model to include the convert and debt repayment, revising FY26 EBITDA down about 9% and FY27 up by about 5% to reflect regional mix shift and lower-margin international exposure, the analyst added.