SolarEdge Technologies (SEDG) saw its stock plummet by 5.04% in intraday trading on Thursday, despite a flurry of analyst updates. The solar energy company's shares took a hit as investors grappled with mixed signals from Wall Street analysts.
Several financial institutions adjusted their price targets for SolarEdge, with most making slight upward revisions. Morgan Stanley raised its target to $27 from $25, while maintaining a Sell rating. Northland Securities held steady with a Hold rating and a $35 price target. RBC Capital kept its Sector Perform rating, increasing the target to $34 from $25. BMO Capital, while raising its target to $25 from $19, maintained an Underperform rating on the stock.
The conflicting analyst views reflect the challenges facing SolarEdge in the current market environment. Despite some optimism indicated by the raised price targets, the overall sentiment remains cautious. The average analyst rating for SolarEdge stands at "hold" with a mean price target of approximately $30, suggesting limited upside potential from current levels. This conservative outlook, coupled with the bearish stances from Morgan Stanley and BMO Capital, appears to be weighing heavily on investor sentiment, driving the significant sell-off in SolarEdge shares.
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