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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SEDG:
- Options Volatility and Implied Earnings Moves Today, May 08, 2024
- SolarEdge price target lowered to $60 from $76 at Roth MKM
- SolarEdge call volume above normal and directionally bullish
- SolarEdge price target lowered to $72 from $90 at Scotiabank
- Biden’s Earth Day Surprise Adds a Little Sunshine to Solar Panel Stocks