Tiger Brokers

BUZZ-ARRAY Technologies falls as BofA downgrades rating to 'underperform'

Reuters
Sep 12
BUZZ-ARRAY Technologies falls as BofA downgrades rating to 'underperform'

** BofA Global Research downgrades rating on solar tracker maker Array Technologies to "underperform", cuts PT to $7 from $8

** Shares of solar tracker maker ARRAY Technologies ARRY.O down ~5% at $7.48 premarket

** The new price target represents a ~11% downside to the stock's last close

** Brokerage says while APA adds a credible growth leg, the bigger message from meetings is margin compression: incremental tariff exposure in India/Mexico, steel inflation

** "We appreciate recent share regains and backlog repricing progress, consistent delivery on margin durability remains the missing piece" - BofA

** 14 of 26 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $9

** As of last close, stock up ~30% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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