SolarEdge price target lowered to $129 from $187 at Wolfe Research

Wolfe Research analyst Steve Fleishman lowered the firm’s price target on SolarEdge to $129 from $187 and keeps an Outperform rating on the shares. The company’s preliminary Q3 results missed by 24%, the analyst tells investors in a research note. While distributor stress likely played a big role, underlying demand is now a concern too and SolarEdge will need to lower its prior 30% growth rate for Europe, says the firm. With the stock down 20% last night, Wolfe keeps an Outperform rating on valuation and the potential for a recovery.