SolarEdge Technologies (SEDG) PT Raised to $380 at Roth Capital Ahead of Non-Solar Margin Improvement
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Roth Capital analyst Philip Shen raised the price target on SolarEdge Technologies (NASDAQ: SEDG) to $380.00 (from $340.00) after the company delivered a mixed Q4 and strong Q1 guide. Guidance was supported by strong U.S. residential growth and early stages of a commercial recovery. New revenue sources are ramping up this year with ~$235mn of storage and e-Mobility revenue anticipated, though with a lower-than-corporate-average margin profile.
The analyst reiterated a Buy rating, stating "SEDG's nonsolar businesses appear to be reaching an inflection point, and the company could generate ~$235mn in revenue in 2021 from storage and e-Mobility, both at lower margins than solar. We estimate SEDG's storage ASP could be roughly $500/kWh, though it is uncertain where pricing lands, and we expect the margin to be ~25% from the start of shipments as the company is initially using external chemistry supply. We believe there is potential for margin upside for storage as the current strong demand outlook could support healthy pricing for some time ahead, while SEDG transitions to its own batteries."
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Related EntitiesRoth Capital
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