RBC Capital lowered the firm’s price target on SolarEdge to $71 from $74 and keeps a Sector Perform rating on the shares after its Q1 earnings miss. The firm had been cautiously optimistic heading into the quarter but had ongoing concerns around the full-year outlook due to channel inventory dynamics and price cuts, and while SolarEdge revenues beat consensus, its gross margins underperformed and the Q2 outlook was disappointing, the analyst tells investors in a research note. RBC adds that the outlook for normalized demand is softening.
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