Sep. 12 at 7:24 PM
Array Technologies was downgraded by Bank of America to Underperform on tariff risks and weaker profit margins. The broker cut its price target to
$7 from
$8, warning that higher import tariffs on parts from India and Mexico could weigh more than expected on FY25 margins. BofA now sees structural gross margins closer to 27% through 2027, citing less effective steel cost pass-through and the way IRA incentives are shared. Shares had rallied nearly 50% on hopes of accelerated purchases, but BofA said gains look overstated, noting transformer supply limits—not trackers—are the real short-term bottleneck. With the stock trading at a premium to peers like Nextracker, risks skew to the downside.
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