Roth MKM analyst Philip Shen lowered the firm’s price target on SolarEdge to $55 from $60 and keeps a Neutral rating on the shares. The company’s Q1 results were “mixed” and its Q2 guidance was “weak” as the management’s margin outlook remains “challenged”, the analyst tells investors in a research note. SolarEdge now sees normalized inventory levels by the end of FY24, which suggests normalized revenue could be in play thereafter, the firm added.
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