TAN - Shoals Array seen as top beneficiaries from Biden's pause on new solar tariffs

Shoals Technologies (NASDAQ:SHLS) and Array Technologies (NASDAQ:ARRY) are the two stocks that likely will most directly benefit from President Biden's plan to support the solar industry, Truist analyst Bronson Fleig said on Monday, while nevertheless maintaining his Hold ratings and respective $16 and $8 price targets on the names. Shoals (SHLS) +21.4% and Array (ARRY) +17.7%, both surging to their best levels since mid-March, have particularly high exposure to the U.S. utility-scale solar market. Both companies recently noted a meaningful shift in consumer project schedules due to the impact from the federal investigation and solar panel availability, Fleig said. Roth Capital upgraded Array (ARRY) to Buy from Hold with an $18 PT, hiked from $7, as the Biden administration's move provides improved visibility to the solar macro environment. Roth raised estimates for Q3 core EPS and revenues to $0.14 and $340M from its prior outlook of $0.12 and $315M, Q4 core

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Shoals, Array seen as top beneficiaries from Biden's pause on new solar tariffs