Array Technologies (ARRY) Stock Forecast & Price Target

Array Technologies Inc. has demonstrated strong financial momentum, with a 60% year-over-year increase in its pipeline as of the fourth quarter of 2024, signaling robust demand and improved win rates. The company's domestic order book is projected to increase by approximately $300 million to around $1.8 billion, reflecting over 20% growth, while the international order book remains stable at about $200 million. Furthermore, Array's backlog finished at $2.0 billion, up 10% year-over-year, alongside an EBITDA margin of 19% for the fiscal year 2024, indicating potential for profitability and market share recapture amid a growing utility-scale solar market.

Array Technologies Inc. has faced challenges over the past few years, as evidenced by a relatively flat total backlog and declining gross bookings and revenues, raising concerns about future growth. The company has also been affected by rising resource inflation and shortages, which may further strain its margins and overall growth potential, especially amid hesitations regarding policies and tariffs. Additionally, mixed results from the fourth quarter and an underwhelming guide for fiscal year 2025 highlight potential deterioration in customer demand, project delays, and profitability challenges, underscoring a negative outlook for the company's financial performance.