Jefferies Upgrades SolarEdge Technologies (SEDG) to Hold, 'Powering Up Amid Geopolitical Currents'
Jefferies analyst Julian Dumoulin-Smith upgraded SolarEdge Technologies (NASDAQ: SEDG) from Underperform to Hold with a price target of $49.00 (from $30.00).
The analyst comments "We upgrade SEDG to HOLD as the Middle East conflict drives volatility in European energy prices, mirroring the Russia-Ukraine crisis that boosted SEDG's Europe revenue to a peak of $1.9B in '23 vs $630M in '20. Since the start of the conflict, TTF gas has surged 94%, with electricity pricing stable thus far. Expect potential (but not as dramatic as in '22/'23) demand surge in Eur to support earnings as consumers navigate the uncertainty of power prices. PT to $49.00"
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Shares of SolarEdge Technologies closed at $45.66 yesterday.