Array Technologies Has Less Flexibility to Expand Offering, Defend Competitive Position, UBS Says

11:37 AM EDT, 09/18/2026 (MT Newswires) -- Array Technologies (ARRY) likely has less flexibility to expand its product offering and defend its competitive position as it transitions its preferred dividend payment method to cash from payment-in-kind, UBS Securities said in a note Friday. Analysts said the transition changes the outlook for free cash flow deployment. While the company is expected to generate sufficient free cash flow to cover the preferred dividend, the transition reduces cash available for deleveraging and growth, particularly through mergers and acquisitions, according to the note. Analysts said, however, that they have a positive view on the direction of the US solar industry, particularly for companies with domestic manufacturing footprints like Array. UBS downgraded the stock to neutral from buy, and lowered its price target to $5 from $10. Shares of Array Technologies were down 8.3% in Friday trading. Price: 3.89, Change: -0.35, Percent Change: -8.25