After Array BioPharma withdrew its application for FDA approval of its binimetinib drug as an NRAS mutant melanoma treatment following a meeting with the agency, Wells Fargo does not think the withdrawal impacts the chances of the drug succeeding as a treatment for BRAF melanoma. Wells says that the BRAF indication is larger, while the benefit of the drug is also greater in that indication and it appears to be best in class. Wells trimmed its price target on Array to $13-$15 from $16-$18 but keeps an Outperform rating on the shares.

Mizuho lowered the firm's price target on Array Technologies to $16 from $18 and keeps a Neutral rating on the shares. The firm's Q1 clean energy estimates are mostly in line with company guidance and consensus, saying most companies reset expectations on the Q4 earnings call and had good visibility for the quarter. The analyst says Mizuho's most significant change in its quarterly preview is regarding Q2 results for the residential solar and inverter names. The firm expects Q2 installs to be down quarter-over-quarter verses consensus assuming a Q1 trough, based on permitting data which show Q2 MWs down 7% quarter-over-quarter. Mizuho's sector preference for utility solar over residential solar is unchanged.