SolarEdge price target raised to $80 from $60 at Roth MKM

Roth MKM raised the firm’s price target on SolarEdge to $80 from $60 and keeps a Neutral rating on the shares after a meeting with its CFO discussing the company’s outlook for growth in 2024, the status of inventory destocking in the EU, and the outlook for resi and C&I market trends in the E.U. and U.S. In the E.U., the company has seen slower-than-expected sell-through so far in Q4 due to seasonality and oversupply in subchannels, but SolarEdge is assisting its customers with overstock by providing tools to better manage operations, the analyst tells investors in a research note. On margins, the company also expects Q1 to be better than Q4, and Q2 to be significantly better than Q1, the firm added.