SolarEdge Technologies (SEDG) PT Raised to $28 at Goldman Sachs

Goldman Sachs analyst Brian Lee raised the price target on SolarEdge Technologies (NASDAQ: SEDG) to $28.00 (from $27.00) while maintaining a Neutral rating.

The analyst comments "SDGR reported 3Q24 results and announced a deal with Novartis (NOVN.S, covered by James Quigley) involving both a research and expanded software utilization collaboration. Shares notably outperformed on the day (+13.9% vs. XBI -2.9%, S&P -0.3%). While operating results from the quarter came in slightly below expectations, management relayed confidence in the forward outlook for the balance of the year for the company's Software business, noting resiliency across large and mid-sized ACV accounts with increasing depth of utilization. SDGR continues to make steady progress expanding its SaaS offerings, e.g., with the predictive toxicology initiative in partnership with the Bill & Melinda Gates Foundation. Progress continues apace within the proprietary pipeline. Initial Phase 1 data is expected in FY25 for SGR-1505 (MALT1 inhibitor) in relapsed/refractory B-cell lymphomas, SGR-2921 (CDC7 inhibitor) in patients with relapsed/refractory acute myeloid leukemia or high-risk myelodysplastic syndrome, and for SGR-3515 (Wee1/Myt1) in patients with advanced solid tumors. Management's commentary suggests continued optionality to advance an additional asset (potential targets include EGFRC797S, PRMT5-MTA, and NLRP3) into the clinic during 2025. Overall, a solid quarter."

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