Needham & Company Cuts Price Target on SolarEdge Technologies (SEDG) Following 1Q and Guidance
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Needham & Company maintained a Buy rating on SolarEdge Technologies (NASDAQ: SEDG), and cut the price target to $22.00 (from $25.00), following the company's 1Q earnings report. Revenues of $128.5MM missed the consensus of $132.5MM due to the market condition. NG EPS of $0.46 beat the Street's $0.41 estimate. Mid-point of revenue guidance of $110-$120MM implies ~10% QoQ, which is substantially below the Street's $137.8MM. 2Q NG EPS at $0.31 is below the Street's $0.45.
Analyst Edwin Mok commented, "SEDG reported strong F1Q17 (Sep) earnings on a revenue miss. As we had warned coming out of SPI, further slowdown in U.S. residential market is impacting the outlook, resulting in the sequentially lower F2Q17 (Dec) guidance. While expectations were low, uncertainty around the market environment is likely limiting SEDG stock in the near-term. However, we believe growth in commercial and international will offset the challenging U.S. residential market in CY2017, and SEDG has multiple cost reduction levers to combat the increased pricing pressure. Given the deep sell-off of shares, we believe SEDG's solid profitability offers favorable risk/reward for investors who can stomach the wide swing of the solar sector. Maintain our Buy but lower our PT to $22 (was $25)."
Shares of SolarEdge Technologies closed at $14.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Skyworks Solutions (SWKS) PT Raised to $105 at Oppenheimer Following 1Q Report
- Bassett Furniture (BSET) PT Raised to $28 at Stifel Following 4Q EPS Beat
- Skyworks Solutions (SWKS) PT Raised to $92 at Needham & Company Following Solid 1Q Beat and Raise
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!