Capital Discipline ConcernsThe use of proceeds for debt repayment and repurchasing raises investor questions about capital discipline, diverging from prior expectations of using FCF to delever.
Price Target ImplicationsThe DCF-derived price target remains unchanged, implying a downside to the current stock price.
Stock PerformanceArray priced $300M of 2.875% convertible senior notes due 2031 with the stock falling 14% - likely on hedge-related selling ahead of pricing.