RBC Capital Maintains Hold Rating on Array Technologies with $9 Price Target

Array Technologies (ARRY) received a Hold rating and $9.00 price target from RBC Capital analyst Chris Dendrinos. The company's shares closed at $5.84. Dendrinos has a 16.6% average return and 42.98% success rate on recommended stocks. The analyst consensus on ARRY is a Moderate Buy with an average price target of $9.00. The company reported a quarterly revenue of $302.36 million and a net profit of $16.75 million for Q1 2023.

Title: Array Technologies (ARRY) Reports Strong Q2 2025 Revenue; Analysts Maintain Hold Rating

Array Technologies (ARRY) reported its second-quarter 2025 revenue of $362.2 million, the highest quarterly figure since the second quarter of 2023 [1]. This robust performance comes despite regulatory and legal challenges, as well as margin pressures. The company’s adjusted EBITDA for the quarter reached $63.6 million, a significant improvement from the previous quarter.

The company’s CEO, Kevin G. Hostetler, highlighted the resilience of the US solar sector, noting that "utility-scale solar is uniquely positioned to play a foundational role in meeting rapidly rising electricity demand because it is scalable, cost-effective, and can be deployed quickly." The company's focus on domestic manufacturing aligns with the government's push to reduce reliance on overseas imports.

Array Technologies launched its latest product, the DuraTrack Hail XP tracker, designed to withstand extreme weather conditions. This product features a 77-degree stow capability, reducing maintenance costs and enhancing reliability. The company also announced the delivery of trackers that comply with new domestic content rules, demonstrating its commitment to meeting regulatory requirements.

In March, Array Technologies announced it was on track to deliver trackers compliant with domestic content rules, and this week, the company and fellow US tracker manufacturer OMCO Solar announced the delivery of such trackers. This strategic move positions Array Technologies to endure the uncertainty that has struck the US solar sector this year.

The company’s operating expenses stabilized at $50.7 million, after briefly ballooning above $200 million in the third and fourth quarters of 2024. Array Technologies attributed this spike to 'goodwill impairment' from its 2022 acquisition of Spanish tracker manufacturer Soluciones Técnicas Integrales Norland, S.L.

Looking ahead, Array Technologies expects its full-year revenue to exceed $1 billion by the end of 2025, potentially reaching as high as $1.2 billion. This would represent a significant increase over the $915.8 million posted in 2024.

Analysts from RBC Capital, led by Chris Dendrinos, have maintained a Hold rating on ARRY with a $9.00 price target. Dendrinos has a 16.6% average return and a 42.98% success rate on recommended stocks. The consensus on ARRY is a Moderate Buy with an average price target of $9.00, reflecting the market’s cautious yet optimistic view on the company's future prospects.

References

[1] https://www.pv-tech.org/array-technologies-revenue-us362-2-million-q2-2025/
[2] https://www.ainvest.com/news/array-technologies-navigating-turbulence-innovation-strategic-acquisitions-2508/