Tigo Energy price target lowered to $11 from $21 at Roth MKM

Roth MKM analyst Philip Shen lowered the firm’s price target on Tigo Energy to $11 from $21 and keeps a Buy rating on the shares. The analyst cites the company’s negative Q3 pre-announcement driven by order pushouts due to oversupply of inventory in the channel, general market slowing, and unanticipated order cancellations and returns. This is another data point of the inventory issues that currently plague the E.U. residential solar markets, the firm added.