Morgan Stanley upgrades clean tech industry, says selloff overdone

Array Technologies

17/10/2023 17:14

** Morgan Stanley upgrades its view on clean tech industry
to "attractive" from "in-line", saying selloff in stocks due to
concerns about higher interest rates looks overdone
    ** "While we recognize that permitting backlogs, supply
chain pressures and macro risk remain as overhangs on the
industry, we do not believe there has been a change in the
fundamental demand backdrop for renewables and view the current
valuation levels as an attractive entry point for investors" -
brokerage 
    ** Shares of solar tracker maker Array Technologies  ARRY.O 
gain 4.2% after MS upgrades to "equal-weight" from
"underweight", citing favorable economic and demand backdrop
    ** Renewable energy-focused REIT Hannon Armstrong  HASI.N 
up 5.4% after MS upgrades to "over-weight" from "equal-weight"
    ** Solar firm SunPower  SPWR.O  lags with just 0.6% gain
after MS cuts to "underweight", saying channel inventory levels
in the U.S. and Europe remain elevated
    ** MS raises PT on First Solar  FSLR.O  to $226 from $214

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar@thomsonreuters.com))