HSBC downgraded SolarEdge Technologies to Hold from Buy with a price target of $80, down from $243. The analyst says the company’s revenue and margin guidance cut was worse than expectation due to more painful channel destocking in Europe. Loss-making seems inevitable in the next two quarters for SolarEdge before gradually recovering to a normalized level in Q3 of 2023, the analyst tells investors in a research note. The firm downgrades the shares but believes SolarEdge’s long term structural story remains intact.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% 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 the top stocks recommended by analysts >>
Read More on SEDG:
- SolarEdge (NASDAQ:SEDG) Slips Further on Wells Fargo Downgrade
- SolarEdge downgraded to Equal Weight from Overweight at Wells Fargo
- Northland trims SolarEdge price target to $120, says ‘too late to downgrade’
- SolarEdge price target lowered to $74 from $152 at Barclays
- SolarEdge downgraded to Peer Perform from Outperform at Wolfe Research