SMA Solar price target lowered to EUR 67 from EUR 81 at TD Cowen

TD Cowen analyst Jeffrey Osborne lowered the firm’s price target on SMA Solar (SMTGF) to EUR 67 from EUR 81 and keeps a Market Perform rating on the shares after the company issued Q3 guidance that beat expectations and raised FY23 guidance “for the third time.” While arguing the stock should begin to recover a portion of the 50% decline in the last three months, the firm reiterated its Market Perform rating, largely due to lower margin relative to peers. The firm added that it views the update as having a positive read-through for SolarEdge (SEDG) given its commercial and European exposure.