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Investing.com - BMO Capital has raised its price target on Array Technologies (NASDAQ:ARRY) to $9.00 from $8.50 while maintaining a Market Perform rating, citing improved orders and backlog despite mixed third-quarter earnings. Currently trading at $8.32, InvestingPro analysis suggests the stock is slightly undervalued based on its Fair Value assessment, with analyst targets ranging from $6 to $15.
The research firm estimates Array Technologies secured approximately $500 million in net bookings during the quarter, representing a book-to-bill ratio of about 1.25x, which significantly exceeded market expectations of roughly $350 million or a 1.1x book-to-bill ratio. This performance aligns with InvestingPro data showing analysts anticipate 31% sales growth for fiscal year 2025.
Array Technologies has increased its fiscal year 2025 revenue guidance, BMO Capital noted, though margin and EBITDA guidance continue to show modest declines.
The solar tracking system manufacturer currently trades at 11.5 times BMO’s fiscal year 2027 EBITDA estimate excluding tax credits, or 7.0 times when including tax credits.
BMO Capital maintains its Market Perform rating as it seeks margin stability and validation that Array’s APA product can scale up before becoming more positive on the stock.
In other recent news, Array Technologies, Inc. reported its financial results for the third quarter of 2025, surpassing market expectations with notable earnings and revenue figures. The company achieved earnings per share (EPS) of $0.30, which was a 57.89% increase over the forecasted $0.19. Revenue for the quarter reached $393 million, significantly exceeding the anticipated $305.93 million, marking a surprise of 28.62%. These strong financial results reflect positively on Array Technologies’ performance and outlook. Additionally, the company’s stock saw a rise in after-hours trading following the earnings release, indicating investor confidence. While the company’s stock movement is noteworthy, the primary focus remains on its impressive earnings and revenue achievements.
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