What To Know About Wells Fargo's Downgrade of Array Technologies
Portfolio Pulse from Benzinga Insights
Wells Fargo downgraded Array Technologies (NASDAQ:ARRY) from an unspecified rating to Equal-Weight and lowered the price target from $22.00 to $19.00. Despite the downgrade, the new price target suggests a potential upside of 26.88% from the current share price of $14.97. Array Technologies is a manufacturer of solar energy ground-mounting systems, with the majority of its revenue derived from the United States.
January 08, 2024 | 5:00 pm
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Wells Fargo downgraded Array Technologies to Equal-Weight and reduced the price target from $22 to $19, indicating a potential upside of 26.88% from the current price.
The downgrade by Wells Fargo could lead to a mixed short-term impact on ARRY's stock price. While the downgrade itself is negative, the new price target is still above the current trading price, indicating an expected increase. This could result in a neutral short-term impact as the market digests both the downgrade and the potential for a price increase.
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IMPORTANCE 75
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