SolarEdge upgraded to Outperform from Market Perform at Northland

Northland upgraded SolarEdge to Outperform from Market Perform with a $147 price target. Solar demand is weak, Israel is at war, there is an inventory correction, a strong dollar is a headwind, and a competitor pre-announced, so “it is hard to imagine things could get much worse,” the analyst tells investors. However, the stock is down 50% since the company reported Q2 results on August 1, which is likely reflecting the short-term outlook, the analyst added. Energy shocks and extreme weather events will continue to drive consumers’ need for self-sufficiency and SolarEdge is “the leading supplier of panel-level electronics, inverters, and storage systems,” the analyst added.