BMO Capital analyst Ameet Thakkar downgraded SolarEdge Technologies (NASDAQ: SEDG) from Market Perform to Underperform with a price target of $15.00 (from $13.00).

The analyst comments: "SEDG’s 4Q update suggests it can retire $347.5MM September 2025 convert maturity with existing liquidity (i.e., no equity) and catalyzed today’s 16% rally in its share price that now has outperformed the S&P 500/TAN by 84%/83%, respectively over the last three months. However, we look past the binary of “will they or won’t they issue” and today’s update when normalized for estimated pull forward of rev/cash flow implies SEDG underlying business materially underperforming what’s embedded in FY 2025+ estimates (BMO & consensus)."

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Shares of SolarEdge Technologies closed at $19.63 yesterday.