Array Technologies (NASDAQ:ARRY) +26.1% to a YTD high in Wednesday’s trading after easily topping expectations for Q2 earnings and revenues, prompting several analysts to raise their stock price targets.
Guggenheim’s Joseph Osha maintained his Buy rating and hiked his price target to $24 from $15, saying Array (ARRY) delivered a “solid” quarter as the company has “managed to stick with its previous full-year target despite widespread problems with panel availability.”
The company reaffirmed its full-year guidance for $0.25-$0.35/share in adjusted earnings and $1.3B-$1.5B in revenues, in line with analyst consensus estimates.
J.P. Morgan analyst Mark Strouse raised his PT to $34 from $33 while keeping an Overweight rating, saying Array (ARRY) gives investors “the opportunity to invest in a solidly profitable solar pure play that has multiple vectors of growth ahead.”
Cowen analyst Jeffrey Osborne kept his Market Perform rating but boosted his PT to $23 from $7, seeing 2023 as an “inflection point,” with margins set to improve in this year’s H2 and a strong outlook for next year.
Array (ARRY) and other clean energy stocks have been surging in recent days due to the climate legislation passed by the U.S. Senate that contains $369M in funding for the industry.