ARRY - Array Technologies FTC Solar launched as Outperform at Northland

Array Technologies (NASDAQ:ARRY) +3.7% in Monday's trading as Northland Capital initiates coverage with an Outperform rating and $18 price target, believing the company is well-positioned to become the "global leader in solar trackers" with the recent STI Norland acquisition. Northland's Donovan Schafer says Array (ARRY) has become "a fallen angel/busted IPO after a series of negative events, despite its truly solid fundamentals" and "truly differentiated, patent-protected 1P that can control up to 32 rows from a single motor." Overexposure to steel pricing caught Array (ARRY) off-guard in 2020-21, causing gross margins to fall from their typical ~20% level to a trough of 3.1% in Q3 2021, Schafer says; margins have since recovered to 8.8% in Q1 2022 and should continue to improve as legacy contracts roll off the backlog. Schafer also started coverage of FTC Solar (FTCI) with an Outperform rating and $7 price target. Array (ARRY) shares have jumped 29%

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Array Technologies, FTC Solar launched as Outperform at Northland