Canaccord Genuity Reiterates Hold Rating on SolarEdge Technologies (SEDG)

Canaccord Genuity analyst Austin Moeller reiterated a Hold rating and $27.00 price target on SolarEdge Technologies (NASDAQ: SEDG).

The analyst commented, "SolarEdge (SEDG) announced this morning its leadership transition plan following news that Zvi Lando would be stepping down as the company’s CEO... The news of Mr. Lando’s departure comes as a surprise but may ultimately be part of the company’s transformation strategy. Lando served as the company’s CEO for the past five years and previously as VP of Global Sales for ten years, leading SolarEdge during a critical expansion period for the company and serving as an instrumental figure in turning the business into an industry leader in rooftop solar inverters, power optimizers, and home battery products. The past 12-18 months have proved to be challenging for the company and the solar industry at large, particularly given the protracted high-interest rate environment, a demand slowdown in Europe, and the corresponding growth in sales channel inventory. Lando had this to say regarding his departure, 'The road to a full recovery of SolarEdge is still ahead of us and to drive this recovery at a fast pace requires new energy and leadership.'"

For an analyst ratings summary and ratings history on SolarEdge Technologies click here. For more ratings news on SolarEdge Technologies click here.

Shares of SolarEdge Technologies closed at $28.77 yesterday.

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