SolarEdge downgraded to Neutral at Janney on limited visibility

As previously reported, Janney Montgomery Scott downgraded SolarEdge to Neutral from Buy with a $63 fair value estimate after catching up with the company’s head of IR, J.B. Lowe, last week. The commentary from the meeting was consistent with Q4 earnings call commentary in late February around channel inventory destocking trends in the U.S. and Europe, the competitive landscape in the U.S. and Europe, and the outlook for residential and commercial sub-segment performance, says the analyst. The firm’s updated fair value estimate reflects some modest downside and limited visibility and certainty regarding the channel recovery, the analyst tells investors.