JPMorgan lowered the firm’s price target on SolarEdge (SEDG) to $29 from $35 and keeps an Overweight rating on the shares. The firm reduced estimates for SolarEdge following peer Enphase Energy’s (ENPH) Q3 earnings report suggesting weaker than expected European demand for solar and storage. While not an exact comp given differences in countries present and product mix, it is prudent to lower estimates ahead of SolarEdge’s Q3 earnings call on November 6 given its exposure to Europe, the analyst tells investors in a research note. JPMorgan acknowledges that the stock may remain under pressure until visibility improves.
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