SolarEdge (SEDG) got a 9% bump to the upside in Monday’s trading, while the solar energy technology company’s stock has fallen by 70% year to date in 2024. Bank of America Securities upgraded the stock from Underperform to Neutral and slashed its price target from $44 to $29 per share.
Market Domination welcomes BofA Securities clean energy analyst Dimple Gosai to talk more about SolarEdge’s rating
“The broader solar index [is underperforming] by close to 50% as well year to date… The stock is oversold. Investors are largely concerned that we might see the likes of inventory write-downs,” Gosai tells Yahoo Finance. “You are seeing, SolarEdge struggling with things like customer, accounts receivable extensions, monetizing the balance sheet, weaker underlying demand. And the question is really when can these underlying trends really reverse? And so that’s the fear in the market…”
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