BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Array Technologies to $9 from $11 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q3 results in the Energy Transition & Infrastructure sector. The earnings season is coinciding with U.S. elections, and investors should be cautious with respect to adding to positions or putting new capital to work but rather should focus on “relative value”, the analyst tells investors in a research note. There is limited probability of a full rollback of the Inflation Reduction Act, but policy uncertainty will emerge in case of a Trump win and Republican gains in Senate/House, the firm added. BMO further notes that while the company generates free cash flow, it is concerned about margin degradation in 2025 and increasing reliance on international sales to drive revenue growth in line with consensus expectations.

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