SolarEdge price target lowered to $28 from $60 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on SolarEdge to $28 from $60 and keeps a Hold rating on the shares. Shares are down 85% over the last year as continued PV equipment overhangs in Europe coupled with pullbacks particularly in U.S. residential demand have hampered volumes and driven EBITDA/CFFO into negative territory, the analyst tells investors in a research note. The firm remains neutral on the shares given the still uncertain timing of positive EBITDA inflection.