Wells Fargo Downgrades Array Technologies to Equal-Weight, Lowers Price Target to $19
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Michael Blum has downgraded Array Technologies (ARRY) from Overweight to Equal-Weight and reduced the price target from $22 to $19.
January 08, 2024 | 1:04 pm
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NEGATIVE IMPACT
Array Technologies downgraded by Wells Fargo from Overweight to Equal-Weight with a price target decrease from $22 to $19.
The downgrade by a major financial institution like Wells Fargo can lead to a negative perception among investors, potentially causing a short-term decline in ARRY's stock price. The reduction in the price target further suggests a lower expected valuation, which could also contribute to downward pressure on the stock.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100