Citi downgraded SolarEdge (SEDG) to Sell from Neutral with a price target of $9, down from $12. The firm cites the company’s “tight liquidity, challenging earnings outlook, and competition” for the downgrade. Utility scale companies are better positioned with achievable consensus estimates and stronger balance sheets, the analyst tells investors in a research note. Citi remains cautious on residential solar largely due to the dependence of companies on incentives and relatively weaker financial flexibility.
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