Americas Small Cap Research Summary

Investment Ratings - Array Technologies, Inc. (ARRY): Overweight [2] - Frontier Group Holdings, Inc. (ULCC): Overweight [2] - Hanesbrands Inc. (HBI): Equal Weight [2] - Hillman Solutions Corp (HLMN): Equal Weight [2] - Latham Group, Inc. (SWIM): Equal Weight [2] - OptimizeRx (OPRX): Equal Weight [2] - American Axle & Mfg. (AXL): Equal Weight [2] - Aspen Aerogels Inc. (ASPN): Overweight [2] - FIGS, Inc. (FIGS): Equal Weight [2] - Fluence Energy (FLNC): Overweight [2] - JELD-WEN Holding, Inc. (JELD): Equal Weight [2] - TruBridge, Inc. (TBRG): Equal Weight [2] Core Insights - The report indicates a generally positive outlook for the industries covered, with several companies receiving an Overweight rating, suggesting expected outperformance relative to their peers [2][7][16] - Revenue guidance adjustments were noted for several companies, with Array Technologies reducing its FY24 revenue guidance by approximately 30% due to backlog pushouts [22] - Fluence Energy reported solid bookings and a revenue beat, indicating growth visibility despite lower average selling prices [23] - Hanesbrands is refocusing on its core innerwear business following the divestiture of Champion, which is expected to improve margins [27] Summary by Company Array Technologies, Inc. (ARRY) - Stock Rating: Overweight - Price Target: USD 11.00 - EPS FY1 (E): 0.69, EPS FY2 (E): 1.21 - Market Cap: USD 1.0787 billion - Key Insights: New FY24 revenue guidance cut by ~30% due to backlog pushouts [22] Frontier Group Holdings, Inc. (ULCC) - Stock Rating: Overweight - Price Target: USD 6.00 - EPS FY1 (E): -0.04, EPS FY2 (E): 0.70 - Market Cap: USD 0.6981 billion - Key Insights: Weak Q3 pretax margin guidance but potential for positive RASM [16] Hanesbrands Inc. (HBI) - Stock Rating: Equal Weight - Price Target: USD 6.00 - EPS FY1 (E): 0.35, EPS FY2 (E): 0.61 - Market Cap: USD 2.1418 billion - Key Insights: Focus on core business expected to improve margins [27] Hillman Solutions Corp (HLMN) - Stock Rating: Equal Weight - Price Target: USD 10.00 - EPS FY1 (E): 0.50, EPS FY2 (E): 0.51 - Market Cap: USD 1.8307 billion - Key Insights: Strong margins and adjusted EBITDA guidance despite a weaker top line [16] Latham Group, Inc. (SWIM) - Stock Rating: Equal Weight - Price Target: USD 6.00 - EPS FY1 (E): 0.09, EPS FY2 (E): 0.17 - Market Cap: USD 0.6126 billion - Key Insights: Earnings growth driven by cost initiatives [19] OptimizeRx (OPRX) - Stock Rating: Equal Weight - Price Target: USD 11.00 - EPS FY1 (E): 0.35, EPS FY2 (E): 0.55 - Market Cap: USD 0.1531 billion - Key Insights: Revenue miss attributed to deal timing delay [12] Aspen Aerogels Inc. (ASPN) - Stock Rating: Overweight - Price Target: USD 27.00 - EPS FY1 (E): 0.29, EPS FY2 (E): 0.62 - Market Cap: USD 1.6842 billion - Key Insights: Convincing earnings beat and growth visibility [10] Fluence Energy (FLNC) - Stock Rating: Overweight - Price Target: USD 28.00 - EPS FY1 (E): 0.34, EPS FY2 (E): 0.98 - Market Cap: USD 2.933 billion - Key Insights: Record bookings and solid revenue beat [23] JELD-WEN Holding, Inc. (JELD) - Stock Rating: Equal Weight - Price Target: USD 13.00 - EPS FY1 (E): 1.30, EPS FY2 (E): 1.42 - Market Cap: USD 1.1971 billion - Key Insights: Cost efforts expected to drive structural savings [18] TruBridge, Inc. (TBRG) - Stock Rating: Equal Weight - Price Target: USD 10.00 - EPS FY1 (E): -0.40, EPS FY2 (E): 0.04 - Market Cap: USD 0.1886 billion - Key Insights: High-margin EHR license sale reported [13]