2023-04-11 15:47:22 ET
Array Technologies ( NASDAQ: ARRY ) +6.6% in Tuesday's trading as Wolfe Research initiated coverage with an Outperform rating and $25 price target, seeing the stock as "an alternative way to play solar growth via its significant tracker market share, expanding offerings and multiple upsides from IRA tax benefits."
Trackers allow panels to follow the sun, boosting output by ~25% at a modest incremental cost, and Wolfe's Steve Fleishman noted Array ( ARRY ) has decades of experience in trackers, and its core DuraTrack product is well known by EPCs and developers.
The Inflation Reduction Act's manufacturing tax credits have provisions for trackers, and Array's ( ARRY ) already significant domestic presence means "it should be one of the more direct beneficiaries out of the gate once detailed IRA guidance is published in the coming months," Fleishman wrote.
Noting Array Technologies' ( ARRY ) notable progress addressing past challenges pertaining to its product portfolio, execution and margin structure, Truist Securities recently upgraded the stock to Buy from Hold with a $26 price target .
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Array Technologies rated a buy at Wolfe as alternative way to play solar growth