Needham & Company reiterated a Buy rating and boosted its price target on SolarEdge Technologies (NASDAQ: SEDG) to $38.00 (from $30.00) following a strong report in its first as a public company.

Analyst Y. Edwin Mok commented, "On its first earnings call as a publicly traded company, SEDG reported an exceptionally strong F3Q15 (Mar) and provided higher guidance, driven by share gains at VSLR [N/R] and strong customer demand. The results clearly confirmed that SEDG is gaining share in the inverter space. While the European inverter suppliers are using the lower EUR/USD FX to compete in price, we believe SEDG's DC optimized inverter solution offers many differentiation over the commoditized traditional inverter that it will overcome any pricing pressure. With the strong growth looking even stronger, we reiterate our Buy and raise our PT from $30 to $38."

The firm is raising FY15E NG EPS to $0.65, FY16E to $1.29 and FY17E to $1.88

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 $26.39 yesterday.