Piper Sandler lowered the firm’s price target on Array Technologies (ARRY) to $7 from $8 and keeps a Neutral rating on the shares. The firm notes that for better or worse, the elections conclude during earnings and will be the renewable and alternative energy group’s key equity performance driver. At the sub-sector level, Piper sees mixed solar trends with new construction flattening into the second half of 2024 but potentially favorable 2025 indicators; storage trends that bode favorably for 2025; unfavorable wind trends portending risk post-SunZia; lower pricing on new orders raising questions on offsets; and protectionism finally starting to impact imports.
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