SolarEdge price target lowered to $77 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on SolarEdge (SEDG) to $77 from $105 and keeps a Neutral rating on the shares. Following Enphase’s (ENPH) commentary surrounding a faster European destock than U.S., SolarEdge’s equity received a bid. Accordingly, the firm believes SolarEdge’s update will be viewed unfavorably. Specifically, the company expects the destock process to persist through year-end 2024 as it is removing $750M of product from the channel during the year. However, even if SolarEdge’s sell-through expectations come to fruition, revenues are unlikely to approach $600-$650M until 2025, Piper adds.