Sep. 9 at 11:06 AM
$ARRY Piper initiates Array Technologies with a Neutral, sees balanced risk/reward
As previously reported, Piper Sandler initiated coverage of Array Technologies with a Neutral rating and
$5 price target. Bookings have nearly doubled year-over-year, and the firm sees Array taking share in a U.S. utility solar market that grows through 2028, followed by declines in 2029-2030. For 2027, Piper is slightly above consensus adjusted EBITDA, and 2028 in line, consistent with the shape of its U.S. solar forecast. With backlog conversion below prior cycles and shares already at a five times discount to peers, the firm sees risk/reward as balanced.
