Citi lowered the firm’s price target on SolarEdge (SEDG) to $187 from $248 and keeps a Buy rating on the shares. The company sharply missed Q3 estimates and guided for “significantly” lower Q4 revenue due to unexpected cancellations and order pushouts in Europe, the analyst tells investors in a research note. The firm says gross margin contraction was the biggest negative surprise. Citi believes the “bear case valuation” for the stock is around $60. It expects SolarEdge’s miss to weigh on the entire solar space, but especially on Enphase Energy (ENPH).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SEDG:
- Enphase Energy Stock (NASDAQ:ENPH): A Solar Standout Worth Betting On
- Enphase Energy (NASDAQ:ENPH) Plummets 14% due to Strong European Headwinds
- SolarEdge Technologies Stock (NASDAQ:SEDG): Let It Fall Before Making the Call
- SolarEdge downgraded to Neutral from Buy at Goldman Sachs
- SolarEdge initiated with an Outperform at Exane BNP Paribas