Shares of Array Technologies Inc. (ARRY) surged 5.05% on Friday, November 11, 2024, following a bullish analyst report from Barclays that raised the company's price target and reiterated a "Buy" rating.

According to the report by Barclays analyst Christine Cho CFA, the price target for Array Technologies was increased from $28 to $30, citing the company's strong growth prospects and competitive position in the renewable energy industry. The analyst highlighted Array Technologies' robust pipeline of upcoming projects, which are expected to drive revenue growth and profitability in the coming years.

Array Technologies, a leading manufacturer of ground-mounting systems used in solar energy projects, has secured several significant contracts. The company's innovative technology and cost-effective solutions were cited as key competitive advantages, positioning Array Technologies to benefit from the increasing global demand for renewable energy sources.