SolarEdge price target lowered to $21 from $22 at BofA

BofA lowered the firm’s price target on SolarEdge to $21 from $22 and keeps a Neutral rating on the shares. While the market is beginning to show optimism for a potential 2025 rebound from the Q1 bottom for inverters, the firm remains cautious, the analyst tells investors in a preview. The firm thinks investors are “overly concerned” on monetizing the balance sheet, as its analysis shows that SolarEdge would have to have a steady decline in sell through by about 30% over the next four quarters, see no improvement in working capital, and see delays in monetizing IRA credits to be at risk in paying back the 2025 converts or needing additional capital raises to do so.