Array Technologies (ARRY:NSD) experienced a substantial surge in its stock performance. This surge is attributed to the positive outlook provided by Bank of America. This newfound optimism surrounding Array Technologies led to a more than 4% increase in the stock’s market capitalization during the final moments of Tuesday’s trading session.
Bank of America’s Vote of Confidence
Bank of America’s analyst, Julien Dumoulin-Smith, had plenty of praise for Array Technologies. In his analysis, Dumoulin-Smith highlighted several key points about ARRY stock. Notably, he declared that the stock has “best-in-class margin potential with room for growth.” Additionally, he described Array Technologies as “one of the most unique stories” in the market, solidifying its position within Bank of America’s prestigious U.S. portfolio.
Partnership with Steel Dynamics:
While this endorsement alone is significant, there have been other noteworthy developments surrounding Array Technologies recently. One such development was Array’s strategic partnership with Steel Dynamics (STLD:NSD), which granted the company access to a new source of coil steel for its single-axis solar tracker systems.
ARRY Stock Key Agreement:
Equally important, yet potentially less recognized, is the agreement Array Technologies forged with the Extruded Aluminum Corporation (EAC), securing a supply of aluminum while contributing to EAC’s acquisition of one of Michigan’s largest aluminum presses. These strategic moves underscore Array’s commitment to securing its supply chain, a critical advantage in today’s challenging business environment.
Analysts Consensus:
Based on the ARRY stock forecast of 12 analysts, the average 12-month target price stands at USD 28.76, reflecting significant upside potential. ARRY stock boasts an average analyst rating of Strong Buy. However, Stock Target Advisor’s analysts are neutral, based on a balance of 7 positive signals and 8 negative signals.
ARRY Stock Current State:
At the last closing, the stock was valued at USD 25.02. Over the past week, the stock experienced a marginal decline of -0.52%. However, the company’s stock has demonstrated strong performance over the past month, surging by +18.24%, and impressively, it has delivered an exceptional +35.39% return to investors over the last year.
Conclusion:
Array Technologies (ARRY) has surged in response to Bank of America’s bullish evaluation, earning its spot on the prestigious U.S. 1 List. Additionally, Array’s strategic alliances with Steel Dynamics and Extruded Aluminum Corp strengthen its supply chain which fuels investor optimism. However, as always, investors should conduct thorough research and exercise caution before making investment decisions related to Array Technologies.
