SolarEdge price target lowered to $35 from $37 at RBC Capital

RBC Capital lowered the firm’s price target on SolarEdge to $35 from $37 and keeps a Sector Perform rating on the shares after its Q2 earnings miss. The company is seeing stable-to-improving sell through but excess channel inventories, particularly in E.U., remain an overhang and are now not expected to clear until Q2 of FY25, the analyst tells investors in a research note. SolarEdge shares will continue to trade at trough levels until inventories clear and the uncertainty around future revenue and margin progression is removed, the firm added.