SolarEdge price target lowered to $89 from $176 at Morgan Stanley

Morgan Stanley analyst Andrew Percoco lowered the firm’s price target on SolarEdge (SEDG) to $89 from $176 and keeps an Equal Weight rating on the shares. The firm is lowering its SolarEdge and Enphase Energy (ENPH) price targets by 50% and 30%, respectively, to reflect its updated earnings estimates in light of slowing consumer demand and inventory de-stocking. The firm expects both stocks to trade at depressed multiples until consumer demand and earnings visibility improves, the analyst tells investors.