Tigo Energy price target lowered to $8 from $12 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Tigo Energy to $8 from $12 and keeps a Buy rating on the shares. There was little drama in Tigo Energy’s Q3 with it reporting revenues inline with its recent pre-announcement and Street estimates with an EBITDA loss, the firm notes. Different from some others in the solar space, Tigo guided Q4 revenues to flat-to-modestly higher with similar EBITDA quarter-over-quarter. As Tigo navigates a very challenging solar market environment, Craig-Hallum continues to see a bright long-term growth opportunity for its overall MLPE offering, which is lower cost, has lower failure rates, is high efficiency, and can be rapidly installed.