TD Cowen downgraded SolarEdge (SEDG) to Hold from Buy with a price target of $16, down from $35. The firm cites deteriorating demand in Europe for the downgrade. This will delay a volume, margin recovery and timeline on SolarEdge achieving $550M in quarterly revenue as well as positive free cash flow, the analyst tells investors in a research note. The firm says the potential for an additional capital raise and interim CEO uncertainty remain.
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