SolarEdge Technologies, Inc. (SEDG, Financial) has faced a significant downgrade from analysts, receiving an average "Moderate Sell " recommendation from twenty-nine rating firms. The company currently holds eight sell ratings, nineteen hold ratings, and only two buy ratings. The average twelve-month target price has dropped to $22.04, marking a sharp decline from previous projections.
Major analysts have recently reported increasing worries over the company's performance. SolarEdge was given a price objective of $35.00, which it lowered to $25.00, and with a “sector perform” rating by the Royal Bank of Canada. Jefferies Financial Group lowered the stock to 'underperform' from 'hold' and slashed the target price from $27.00 to $17.00. At least two other banks have also been forced to reduce forecasts and either lower their price targets or reduce them to “Neutral,” including Citigroup, which lowered its price target to $19.00 from $31.00 and assigned a “Neutral” rating. Piper Sandler lowered the price objective for SolarEdge from the current ‘neutral' to ‘underweight' rating and reduced the target price to $9. Barclays, however, made the sharpest move and scored a firm “underperform” with a target price cut from $17.00 to $7.00.
The stock has also been caught up in the charts in a market that's been tough for solar companies, as analysts warn that it could struggle for further growth.
