SolarEdge downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler analyst Kashy Harrison downgraded SolarEdge (SEDG) to Underweight from Neutral with a price target of $9, down from $17. It is “difficult to encapsulate how low expectations were” entering SolarEdge’s earnings report, and yet, the results “still raised our hackles,” the analyst tells investors in a research note. The firm says the Q3 results were underwhelming given larger than expected write-downs. It finds SolarEdge’s sequentially declining revenues concerning since the company no longer destocking the U.S. channel. It believes “radical cost reductions are required for survival.”