Array Technologies Inc (NASDAQ:ARRY) upgraded by Piper Sandler

Array Technologies Inc (NASDAQ:ARRY) stock rose 0.92% (As on September 20, 11:17:18 AM UTC-4, Source: Google Finance) after Piper Sandler upgraded the stock to Overweight from Neutral and raised its $20 price target to $28, foreseeing an improved forward outlook for the renewable energy firm. Piper’s Kashy Harrison believes the company’s $1.9B order book along with historical book-to-bill ratios lay the foundation for a strong revenue and EBITDA outlook entering CY 2023. The analyst also sees Array as a beneficiary of domestic content requirements and manufacturing credits in the Inflation Reduction Act. Execution is “starting to trend in the right direction,” and execution on the margin trajectory should lead to compression in leverage multiples, Harrison wrote, adding she also likes the new CEO’s focus on transitioning toward free cash flow generation. Harrison also said that he believes the company’s “$1.9 billion order book along with historical book/bill ratios lay the foundation for a strong revenue/Ebitdaoutlook entering 2023.” He added that the company’s “strong order book,” or contracts, creates the potential for “an attractive 2023.”

Meanwhile, the company is launching its two newest product offerings, Array OmniTrack and Array STI H250, at RE+ (Booth #2004) in Anaheim, Calif. from September 19-22. Array OmniTrack, the newest tracking solution to the Array portfolio, is specially designed for customers developing project sites on uneven and challenging terrain. Array’s OmniTrack terrain-following solution mitigates challenges associated with projects on undulating terrain while reducing costs and schedules by enabling less complex site preparation and design. The Company has forecasted up to a 98% reduction in site grading work when utilizing OmniTrack. Following Array’s acquisition of STI Norland in early 2022, the addition of the STI H250 further strengthens the Company’s global footprint, providing customers with a full suite of solar trackers products to meet every site and customer need. Array STI H250, which will soon be offered in the U.S., provides a price competitive option ideally suited for sites with irregular boundaries, highly angled blocks, or fragmented project areas.

In addition, For the year ending December 31, 2022, the Company reaffirms it expectations of the revenue to be in the range of $1.30 billion to $1.50 billion, Adjusted EBITDA to be in the range of $120.0 million to $140.0  million and Adjusted net income per share(2) to be in the range of $0.25 to $0.35.

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