SolarEdge price target lowered to $54 from $57 at BofA

BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on SolarEdge to $54 from $57 and keeps an Underperform rating on the shares following what the firm calls “a tough 4Q23 update.” The outlook for a recovery in shipments across major end markets remains challenged, with management bringing down its expectations for second half of 2024 quarterly revenue by $50M at the midpoint to a range of $600M-$650M. However, this assumes an increase in underlying demand of about 25% from current levels and the firm sees this level of recovery as “difficult to achieve,” the analyst tells investors. The firm sees a difficult road ahead for SolarEdge as destocking efforts accelerate, the analyst added.