SolarEdge downgraded to Hold from Buy at Truist

Truist downgraded SolarEdge Technologies, to Hold from Buy with a price target of $70, down from $120, post the Q3 report. The firm said it had underestimated the magnitude at which the European residential outlook has deteriorated, along with the subsequent impact on SolarEdge’s margin profile. The rapid change in company’s volume and margin outlook “demonstrate the worryingly limited visibility” SolarEdge has into sell-through levels, the analyst tells investors in a research note.