Guggenheim ‘gives up,’ downgrades SolarEdge to Neutral

Guggenheim downgraded SolarEdge to Neutral from Buy and removed the firm’s prior price target on shares as the firm is “giving up on our positive stance on” the shares given that the depth and duration of the downturn in revenue has exceeded its expectations. While “tempting to buy into what will doubtlessly be a significant decline today,” the firm doesn’t see the company getting back to positive EBITDA until the second half of 2024, the analyst tells investors.