SolarEdge brightens after Goldman Sachs double upgrade
** Shares of SolarEdge Technologies SEDG.O up 14.8% to $14.14 and are top S&P 1500 index .SPSUP performers on Tues after Goldman Sachs upgrades to 'buy' from 'sell'
** Goldman's new PT on the solar inverter maker of $19, per LSEG data, implies 54% upside to stock's last close
** “Estimates are now finally bottoming for SolarEdge, with investor fears around the company’s ability to address $350 million of debt in 2025 appearing overblown and creating a relatively attractive risk-reward for the equity at current levels," Goldman analysts wrote in note, according to report by Barron's
** Israeli-based co last month said it would shut its energy-storage unit and cut workforce by 12% as it grapples with weak European demand, and faces competition from Chinese rivals and from the likes of Enphase Energy ENPH.O and Tesla TSLA.O in the U.S.
** Now, of 35 brokerages covering SEDG, 3 rate "buy", 24 rate "hold", while 8 recommend "sell" or "strong sell" - LSEG
** Median PT of $12 unchanged from a month ago, but down from $23.50 on Oct 17
** Despite gain on the session, stock down 85% YTD following 67% drop in 2023
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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