SolarEdge price target lowered to $27 from $55 at Roth MKM

Roth MKM lowered the firm’s price target on SolarEdge to $27 from $55 and keeps a Neutral rating on the shares ahead of the company’s Q2 results. The firm sees continued risk that the residential destocking in the E.U. takes longer than expected and that the normalized $625M revenue run-rate is not achieved in 2024 or 2025, the analyst tells investors in a research note. SolarEdge also still has about $300M of convertible debt due in September of 2025 and $1.5B of inventory on its balance sheet, the firm added.