SolarEdge price target lowered to $35 from $50 at JPMorgan

JPMorgan analyst Mark Strouse lowered the firm’s price target on SolarEdge to $35 from $50 and keeps an Overweight rating on the shares. The company reported mixed Q2 results with earnings below expectations on slightly better than expected revenue, the analyst tells investors in a research note. The fir says SolarEdge’s Q3 revenue and gross margin guidance was well below expectations as the company continues to under-ship the market in order to clear excess channel inventory, particularly in Europe. However, JPMorgan believes investor concerns regarding SolarEdge’s liquidity are overdone and the long-term thesis regarding its prospects are unchanged.