SolarEdge price target lowered to $72 from $120 at Northland

Northland lowered the firm’s price target on SolarEdge to $72 from $120 and keeps an Outperform rating on the shares after the company reported in-line results and provided “very weak” guidance. Excess inventory and weak demand in Europe continue to plague the company and although the firm expects excess inventory to clear by year end, it expects SolarEdge to continue to see market share pressure. The firm also contends that SolarEdge’s “eyes are bigger than its stomach regarding adjacent market opportunities” and calls the company “a candidate for an activist shareholder.”