SolarEdge price target lowered to $280 from $350 at Roth MKM

Roth MKM analyst Philip Shen lowered the firm’s price target on SolarEdge to $280 from $350 and keeps a Buy rating on the shares. The company’s Q2 was mixed with lower than expected sales and its Q3 guidance was a “meaningful miss”, the analyst tells investors in a research note. The diversity of end markets and geography weren’t enough to offset the challenging environment, the firm adds, noting that it was surprised at the “magnitude” of excessive U.S. residential channel inventory for SolarEdge.