SolarEdge downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Christine Cho downgraded SolarEdge to Equal Weight from Overweight with a price target of $152, down from $274. The analyst expects challenges to persist beyond the near-term destocking issue due to “inevitable” selling price reductions, market share losses, and an currency rates that are currently trending unfavorably. “There is probably more bad news before we get good news” for SolarEdge, the analyst tells investors in a research note. Incremental data seen on market share and SolarEdge’s U.S shipments to date would indicate the company pushed too much inventory into the channel at the start of this year as demand was starting to weaken, says Barclays.