SolarEdge Stock Has 48% Upside, According to 1 Wall Street Analyst
Investors in SolarEdge Technologies (NASDAQ: SEDG), a leading manufacturer of inverters that convert solar energy into usable electric current, had a bad week last week. Reporting earnings Tuesday evening, SolarEdge was forced to admit that its quarterly sales declined 65% year over year, while its year-ago profit flipped to a loss in Q4 2023 -- $2.85 per share in net losses.
But hey, the news wasn't all bad. While admitting that end-market demand looks weak, and SolarEdge is suffering from overstuffed inventory channels that are squelching sales, TD Cowen analyst Jeffrey Osborne nonetheless maintained his "outperform" rating on the stock. Osborne did lower his price target somewhat, from $120 to $100 per share, as reported by TheFly.com last week.
But with SolarEdge closing the week just north of $67 per share, that means that the stock has a potential 48% upside after its sell-off if Osborne's analysis is correct.
Source Fool.com
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