SolarEdge downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded SolarEdge Technologies to Neutral from Buy with a price target of $131, down from $254. The analyst cut estimates significantly following the company’s negative preannouncement. After a second straight disappointing quarter, it is “hard to defend the stock,” the analyst tells investors in a research note. The firm says it underestimated the effects of the combination of ongoing inventory, end market demand, and now margin issues that are likely to serve as headwinds for the stock for the foreseeable future “given what appears to be a significant deterioration in visibility.”