Needham & Company reiterated a Buy rating on SolarEdge Technologies (NASDAQ: SEDG), and raised the price target to $42.00 (from $38.00), following the company's F4Q15 earnings report. F4Q15 revenues of $98.4MM were above the Street's $95.2MM. Non-GAAP EPS of $0.31 beat the Street's $0.21.

Analyst Edwin Mok commented, "SEDG reported another record F4Q15 (Jun), beating Street’s top and bottom line estimates, and provided higher guidance. Strong growth of commercial and in international markets, coupled with market share momentum in the U.S., is driving continued robust growth for SEDG. Despite concerns over falling market prices, SEDG reported stable pricing, once again confirming the solid value proposition of its DC optimized inverter solution. We see sustainable growth ahead driven by several drivers, and believe SEDG offers growth investors a profitable solid name to participate in the growing solar space. Reiterate our Buy."

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Shares of SolarEdge Technologies closed at $30.30 yesterday.