This Analyst Just Downgraded Array Technologies. Here's Why.

This Analyst Just Downgraded Array Technologies. Here's Why.

Wajeeh Khan

Fri, September 18, 2026 at 11:20 PM GMT+3 2 min read

• ARRY -4.25%

Array Technologies (ARRY) shares moved meaningfully lower on Sept. 18 after a senior UBS analyst, Jon Windham, downgraded the solar tracking manufacturer to "Neutral." Windham also slashed his price target in half to $5, cautioning investors against expecting a swift recovery in ARRY in the near term.

His bearish call is meaningful, given that Array Technologies stock has already been a disappointment for investors in 2026, currently down more than 65% versus its year-to-date high.

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Why UBS Downgraded Array Technologies Stock

In his research note, Windham highlighted that Array Technologies' transition to cash-pay preferred dividends severely limits its operational capital through the end of this decade.

The analyst estimated $162 million in cumulative cash obligations directed toward these payments, which he believes could weigh on the firm's ability to expand its product offerings.

Windham is confident that ARRY can service the preferred dividends using its free cash flow, but it will squeeze the cash available for strategic deleveraging and opportunistic acquisitions at a time when rivals are consolidating to broaden their tech platforms. According to the analyst, the company is fairly valued at roughly 5x its estimated EV/EBITDA.

Technicals Also Warrant Selling ARRY Shares

Windham cautions against owning ARRY shares mostly because without the flexibility to execute M&A, the company becomes increasingly reliant on flawless execution and organic growth. This leaves it vulnerable to market share erosion as competitors rapidly diversify their offerings, he added.

The UBS analyst's bearish view on Array Technologies is even more significant given he otherwise maintains a constructive long-term stance on the broader U.S. solar demand.

Even from a technical perspective, the clean energy stock now sits handily below its major moving averages (MAs), with an RSI in the early 30s indicating intense selling pressure that may drive its price further down in the weeks ahead.

How Wall Street Recommends Playing Array Technologies

Other Wall Street analysts do not agree with Windham's dovish stance on ARRY shares.

The consensus rating on Array Technologies sits at "Moderate Buy" currently, with the mean price target of $8.71 indicating massive upside potential from here.

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com