Array Digital Infrastructure

AD · NYSE

$33.16+$0.42 (+1.28%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $32.74

AD analyst rating

BuyConsensus of 6 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy4
Hold2
Underperform0
Sell0

12-month price target · 7 analysts

Average $43.35 (+30.7% upside)

Low: $40.40
Now: $33.16
High: $47.25

Upgrades and downgrades

The latest rating actions, newest first

AD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Aug 19, 2026	Maintains	Overweight	$54.00 → $45.00	46%
Citigroup	Aug 13, 2026	Maintains	Buy	$45.02 → $45.00	59%
RBC Capital	Jul 10, 2026	Maintains	Sector Perform	$52.00 → $40.00	39%
JP Morgan	May 26, 2026	Maintains	Overweight	$60.00 → $54.00	—
Raymond James	May 11, 2026	Downgrade	Outperform → Market Perform	—	43%
RBC Capital	Mar 9, 2026	Maintains	Outperform	$60.00 → $54.00	39%
Citigroup	Feb 23, 2026	Maintains	Buy	$63.00 → $57.00	59%
Wells Fargo	Feb 12, 2026	Maintains	Overweight	$62.00 → $54.00	43%
Citigroup	Jan 7, 2026	Maintains	Buy	$37.00 → $63.00	59%
Citigroup	Nov 26, 2025	Initiates	Buy	$37.00	59%

The case for and against

Updated Apr 17, 2026

Bull case

Array Digital Infrastructure has demonstrated significant growth potential, as evidenced by a 79% year-over-year increase in rental revenues to $45.8 million, bolstered by contributions from T-Mobile agreements and new colocations. Management has reported a robust demand for its wireless towers, with colocation applications rising 125% and amendment applications up 110% year-over-year, indicating strong operational momentum. Additionally, the firm's tower operations are projected to sustain long-term revenue growth of approximately 3% or more, along with an anticipated improvement in EBITDA margins, which together create a favorable outlook for the company's financial performance.

Bear case

Array Digital Infrastructure is anticipated to experience a decline in net revenue growth, projected to drop to around 5% by 2026, signaling potential challenges in maintaining financial momentum. The company's future equity income is expected to decrease to approximately $150 million, reflecting reduced profitability compared to earlier projections. Additionally, an unfavorable outcome from T-Mobile's selection of towers poses risks to the firm's operational efficiency, further complicating efforts to achieve targeted EBITDA margins of 50%.

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