Shares of Array Technologies Inc. (ARRY) are soaring 5.16% in pre-market trading on Thursday, following a positive analyst update from UBS. The solar tracking systems manufacturer's stock is reacting to an increased price target, signaling growing confidence in the company's prospects.
UBS has raised its price target for Array Technologies to $8.50 from $7, while maintaining a Buy rating on the stock. This upward revision represents a significant 21.4% increase in the bank's valuation of the company. The new target suggests substantial upside potential from the stock's previous closing price, likely driving investor enthusiasm in early trading.
The UBS update aligns with the broader analyst sentiment on Array Technologies. According to FactSet, the average rating for ARRY stock is overweight, with a mean price target of $8.18. This consensus view, combined with UBS's even more optimistic outlook, appears to be fueling investor confidence and contributing to the stock's pre-market surge.
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