UPDATE: SolarEdge Technologies (SEDG) PT Lowered to Street Low $172 at Northland Capital Markets

Northland Capital Markets analyst Gus Richard lowered the price target on SolarEdge Technologies (NASDAQ: SEDG) to Street Low $172.00 (from $184.00) while maintaining a Underperform rating.

The analyst comments "SEDG missed consensus by $0.11 and our estimate by $0.14 on better than expected revenue of $655M versus our estimate of $625M. Offsetting revenue upside was lower GM and higher OPEX expense. While solar demand is extremely strong, logistics, supply chain, and FX increased costs. We believe SEDG is also overly optimistic about the ramp of its storage product and GM recovery. We maintain UP rating and trim PT on lower estimates."

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