RBC Capital analyst Christopher Dendrinos lowered the firm’s price target on SolarEdge to $37 from $71 and keeps a Sector Perform rating on the shares. The analyst notes that while demand has bottomed, there is also a “long road” toward recovery for the company as it continues to work down channel inventories while it is facing balance sheet inventory challenges and stagnant macro conditions. RBC adds that its reduced price target reflects its lower outlook for 2024-2025 along with the company’s recent $300M convertible senior note issuance.
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