BofA analyst Julien Dumoulin-Smith raised the firm’s price target on SolarEdge to $49 from $48 and keeps an Underperform rating on the shares. The firm’s target moves up on estimate revisions and a mark to market of peer multiples and although expectations are “substantially reset for 2024,” BofA argues that too many risks linger over the next five-plus quarters to get comfortable. The firm gives credit for sustained improvement, but without greater visibility into topline recovery its estimates remain below consensus on 2024, the analyst noted.
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