SolarEdge downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Colin Rusch downgraded SolarEdge Technologies to Perform from Outperform without a price target. Last night’s negative preannouncement signaled much deeper challenges than previously suggested by management commentary, the analyst tells investors in a research note. The firm says the magnitude of the inventory rebalance appears to require at least two quarters to work through, as working capital challenges for distributors and installers plus module price dislocations and “somewhat skittish consumers are driving a harsh correction in the distributed solar space.” Opco steps to the sidelines looking for industry fundamentals to stabilize.