SolarEdge price target raised to $390 from $325 at Piper Sandler

Piper Sandler analyst Kashy Harrison raised the firm’s price target on SolarEdge to $390 from $325 and keeps an Overweight rating on the shares. Due to the passage of the Inflation Reduction Act into law and the global energy crisis spurred by Russia’s invasion of Ukraine, the pace of renewable development is poised to materially accelerate over the coming decade, Harrison tells investors in a research note. The analyst recommends investors gain exposure to the IRA via onshoring manufacturing credits and to play the U.S. utility-scale solar recovery thesis "given relative end-market resiliency within an uncertain broader macroeconomic environment." First Solar (FSLR), SolarEdge Technologies (SEDG), and Array Technologies (ARRY) as his favorite ideas entering 2023.