2023-06-28 12:56:08 ET
Array Technologies ( NASDAQ: ARRY ) +2.6% in Wednesday's trading as Janney initiated coverage with a Buy rating and $37 price target, saying investment tax credits "provide a path to significant incremental earnings power, free cash flow and de-leveraging."
Array ( ARRY ) shares look attractively valued, Janney analyst Sean Milligan said, with significant upside potential from ITCs starting in 2024, which should help drive a positive estimate revision cycle and accelerated de-leveraging opportunity.
Milligan said he likes Array's ( ARRY ) "leverage to growth in utility-scale solar deployments, with BloombergNEF modeling showing solar plus tracking has one of the lowest levelized cost of energy."
More on Array Technologies:
- Financial and valuation comparison to sector peers
- Analysis: Array Technologies: Positive Cash Flow Ignites Momentum
- Stock price return: Up 7% YTD, up 80.5% in the past 12 months
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Array Tech started at Buy at Janney as ITCs provide path to positive EPS revisions