As previously reported, Northland analyst Gus Richard downgraded SolarEdge to Market Perform from Outperform and removed the firm’s price target. SolarEdge has burned through $720M in cash over the last five quarters, and while the company believes cash bottomed in Q1 and will work down $1.55B inventory on the balance sheet to generate cash in the future, the firm says “it remains to be seen what the inventory is worth.” While the firm says it hesitates “to throw in the towel at the bottom,” it adds that SolarEdge continues to struggle operationally.
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