UPDATE: Oppenheimer Downgrades SolarEdge Technologies (SEDG) to Perform
(updating comment)
Oppenheimer analyst Colin Rusch downgraded SolarEdge Technologies (NASDAQ: SEDG) from Outperform to Perform.
The analyst comments "As SEDG continues to invest in new growth areas (storage, grid management, and powertrain), the company is navigating lumpiness in its Commercial Solar business as elevated inventories have persisted. The company also indicated its residential solar + storage product may not start shipping until 2021 with revenue ramping in 2Q/3Q21. We believe this delay is allowing competition to establish strong market positions, which may force SEDG to compete on price as it rolls out its new offering. In the meantime with Solar headwinds and increased spending on new product development, we are seeing revenue growth and earnings leverage pushed out. While we expect SEDG to have compelling products in each of its target markets, we are moving to the sidelines as we lower estimates."
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 $226.12 yesterday.