Citi lowered the firm’s price target on SolarEdge to $71 from $83 and keeps a Neutral rating on the shares. The company missed Q1 earnings estimates by 15% and while revenue beat estimates as inventory reduction came in at the low-end of the target, gross margin missed company guidance and expectations due to unfavorable product mix, the analyst tells investors in a research note. The firm says channel normalization is not over.
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