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Investing.com - Array Technologies (NASDAQ:ARRY) stock rating was upgraded from Neutral to Buy by Seaport Global Securities on Monday, with a price target of $12.00. The new target represents approximately 40% upside from the current price of $8.54, with the stock already showing strong momentum, having gained over 43% in the past six months.
The upgrade reflects Seaport’s view that Array’s management is successfully executing its turnaround plan, positioning the company to be "one of the industry’s 2026-27 winners" in the utility-scale solar sector. This aligns with the broader analyst sentiment, as InvestingPro data shows analyst targets ranging from $8 to $15, with most leaning bullish.
Seaport Global Securities noted that Array Technologies has "recovered to a healthier position" in the U.S. market, narrowing the sales performance gap with competitors and benefiting from a "flight-to-quality" trend.
The research firm highlighted Array’s advantages in technology and policy compliance with domestic content requirements, which are providing competitive benefits for the company’s offerings.
Seaport’s analysis points to broader industry tailwinds, including the U.S. power supercycle’s priorities of managing load growth and competing with China in AI development, which the firm believes are becoming dominant themes for utility-scale solar deployment.
In other recent news, Array Technologies reported its financial results for the third quarter of 2025, surpassing market expectations. The company posted earnings per share of $0.30, which exceeded the forecasted $0.19 by 57.89%. Additionally, revenue reached $393 million, significantly higher than the anticipated $305.93 million, marking a surprise of 28.62%. In related developments, BMO Capital raised its price target for Array Technologies to $9.00 from $8.50, maintaining a Market Perform rating. This adjustment was attributed to improved orders and backlog. The firm estimated that Array Technologies secured approximately $500 million in net bookings during the quarter, with a book-to-bill ratio of about 1.25x, surpassing market expectations. These recent developments highlight the company’s strong performance and positive outlook.
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