Highlights:
- Array Technologies (ARRY, Financial) aims to raise $250 million through convertible senior notes for debt repayment.
- Wall Street analysts forecast a potential 17.86% upside for ARRY, with the stock rated as "Outperform."
- GuruFocus estimates a 59.68% potential upside based on the GF Value metric.
Array Technologies Inc. (NASDAQ: ARRY), a prominent player in the solar industry, has announced plans to raise $250 million through a private sale of convertible senior notes due in 2031 to institutional investors. This strategic move is aimed at optimizing the company's capital structure, specifically targeting debt repayment and covering transaction costs. Following the announcement, ARRY shares experienced a 12% dip in pre-market trading, reflecting market reactions to the news.
Wall Street Analysts Forecast
According to a consensus of 21 Wall Street analysts, Array Technologies Inc. is projected to reach an average target price of $8.71 over the next year. Price targets range from a high of $13.00 to a low of $5.00. With the stock currently priced at $7.39, this average target represents a potential upside of 17.86%. Investors interested in a deeper analysis can visit the Array Technologies Inc (ARRY, Financial) Forecast page for more detailed information.
The consensus recommendation from 24 brokerage firms categorizes ARRY with an average recommendation score of 2.3, denoting an "Outperform" status. The rating scale spans from 1, indicating a "Strong Buy," to 5, suggesting a "Sell," with ARRY leaning towards a positive outlook.
GuruFocus' proprietary metrics further bolster confidence in ARRY's potential. The estimated GF Value for Array Technologies Inc. over the next year is pegged at $11.80. This projection suggests a significant upside of 59.68% from the current market price of $7.39. The GF Value is a calculated estimate reflecting the stock's fair trading value, derived from historical trading multiples and projected business performance metrics. Detailed insights are available on the Array Technologies Inc (ARRY, Financial) Summary page.
