Array Technologies rises on addition to BofA's US 1 list

Array Technologies

19/09/2023 14:11

** Shares of Array Technologies  ARRY.O  rise 4.4% to $25.2
premarket after BofA Global Research adds the solar tracker
maker to its US 1 list 
    ** BofA's US 1 list is a collection of stock picks from
"buy" rated stocks covered by their analysts
    ** Brokerage says co's Inflation Reduction Act (IRA) value
of 2.4 cents per watt represents more than $250 mln in cash and
earnings compared to co's issued outlook of $150-200 mln in
current FY
    ** IRA of the U.S. provides energy and climate tax
incentives to companies in the clean energy sector
    ** Through Q2 2023, co announced $200 mln in revenue shift
as a result of buyer delays; BofA sees trend across developers
    ** "We remain encouraged by the ever-building slug of
project demand in 2025 that now sits just over 43GW" - BOfA
    ** ARRY up 24.8% YTD until last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Aagrwal@thomsonreuters.com))