Needham & Company Cuts Price Target on SolarEdge Technologies (SEDG) to $25; Reiterates Buy
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Needham & Company maintained a Buy rating on SolarEdge Technologies (NASDAQ: SEDG), and cut the price target to $25.00 (from $28.00), following SPI meeting. While the market is still growing, general consensus is that installation growth in 2016 will come down to 10-20% YoY vs. 50%+ in 2016.
Analyst Edwin Mok commented, "Given the moderating growth of the U.S. residential market, we were not surprised by the slight cautious tone on near-term demand at our meeting with SEDG at the Solar Power International conference. We believe SEDG is executing well given the environment in both driving cost down and winning incremental share. Longer term, we continue to see commercial and selected international markets as growth drivers. After trimming our estimates, the stock looks undervalued at an ex-cash P/E of just 7x given SEDG's solid profitability and strong market position. Therefore, we maintain our Buy but lower our PT to $25 (from $28)."
Shares of SolarEdge Technologies closed at $16.89 yesterday.
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