SolarEdge Technologies (SEDG) Beats and Raises, PT to $348 at BofA Securities

BofA Securities analyst Julien Dumoulin-Smith lowered the price target on SolarEdge Technologies (NASDAQ: SEDG) to $348.00 (from $379.00) after the company reported Revenue of $655mm which topped guidance of $615-645mm and consensus at $634mm. Momentum carried into 2Q22 after the company's guidance of $710-740mm, came in ~$35mm above Street at the midpoint.

The analyst reiterated a Buy rating, stating "While 2Q22 promises to present heightened challenges still, reshoring Mexico CM presents a natural structural uplift on margins in 2H22. Our math supports a return to 35-37% inverter / optimizer margins by year-end 2022 on lower supply chain/tariff exposure within the US and increased absolute capacity to serve the EU out of Asia. We emphasize all of this as coming beyond SEDG’s other structural drivers in a still accelerating storage ramp, with surging commercial demand and EU resi with their potentially best days still ahead."

You May Also Be Interested In

• Golar LNG Ltd. (GLNG) PT Raised to $70 at BTIG
• Legence Corp (LGN) PT Lowered to $100 at BTIG
• Adyen NV (ADYEN:NA) (ADYYF) PT Raised to EUR1,278 at TD Cowen