Prolonged recovery in Europe weighs on US solar stocks
** Bank of America sees elevated channel inventory in Europe for inverters continuing to pressure sell-through volumes, while North America has seen a slight uptick excluding California and Texas
** Sees favorable regulatory policies from AD/CVD to ITD domestic adders supporting higher averages selling prices, expects minimal backlogs in Q2 given uncertainty on poly-silicon policy
** For trackers, order trend remains robust; stay constrictive on Array Technologies ARRY.O and Nextracker NXT.O, while 45X tax credits support margin expansion
** SolarEdge SEDG.O ("neutral") PT raised to $31 from $29
** Additionally, brokerage Mizuho cuts PT by ~40% on SEDG to $50 from $84, remains "outperform"
** Mizuho reduces growth earnings, valuation multiples, andpricing in potential inventory write-down; see revenue recovery taking longer, even after destocking is over, due to strained relationships between SEDG and distributor customers in Netherlands
** Solar firms such as Canadian Solar CSIQ.O, First Solar FSLR.O, Enphase Energy ENPH.O and SunPower Corp SPWR.O fall between 7.9% and 1.3%
** Invesco solar ETF TAN.P falls 2.2%
BofA changes PTs of the following:
Company | New PT | Old PT | Rating |
Enphase Energy ENPH.O | $70 | $71 | Underperform |
First Solar FSLR.O | $320 | $331 | Buy |
Nextracker NXT.O | $66 | $64 | Buy |
SolarEdge SEDG.O | $31 | $29 | Neutral |
Reporting by Seher Dareen in Bengaluru
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