SolarEdge price target raised to $80 from $70 at Truist

Truist raised the firm’s price target on SolarEdge to $80 from $70 and keeps a Hold rating on the shares as part of a broader research note on Solar and Alternative Fuels names. Industry expectations driven by low rates and a global focus on energy availability have fallen back to earth in 2023, taking shares with it, but while the volatility remains, there is also meaningful upside opportunity moving into the Fed rate cut cycle, particularly for the residential solar group, the analyst tells investors in a research note. For SolarEdge, the firm notes that by ramping down manufacturing levels and undershipping into the distributor channel, it sees Q4 and Q1 as trough levels for the company’s inverter/optimizer shipments, following which Truist expects a gradual recovery. The analyst adds however that the firm continues to look for signs of more substantial margin recovery following the sizable step-down guided by SolarEdge into 2023-end.