Bank of America thinks Array Technologies is a growth story investors shouldn't miss. The firm reiterated a buy rating on the solar tracking company with a $30 per share price target and added Array to its "US 1" list on Tuesday. The forecast implies more than 24% upside from Monday's $24.12 close. The stock has climbed more than 30% in 2023. Array Technologies focuses on providing large-scale solar trackers for the broader industry.
" "In a market where the legacy 'blue chip' names of cleantech have limited line of sight to 4Q, let alone 2024, ARRY screens as a diamond in the rough," Dumoulin-Smith said. The analyst added that as tightening credit and rising interest rates create a volatile market, Array presents an attractive buying opportunity. "We suspect investor preference for structural growth stories with minimal interest rate exposure will persist," he said.
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