SolarEdge Technologies Analysts Slash Their Forecasts Following Preliminary Q3 Results

SolarEdge Technologies Inc SEDG reported weak preliminary third-quarter results.

The company reduced its third-quarter revenue outlook to $720 million-$730 million vs. $880 million-$920 million earlier and a consensus of $909.02 million. Adjusted gross margin outlook is lowered to 20.1%-21.1% (from 28%- 31%) and adjusted operating income to $12 million to $31 million (from $115 million-$135 million earlier).

SolarEdge Technologies shares fell 28.9% to $81.04 in pre-market trading.

These analysts made changes to their price targets on SolarEdge Technologies following earnings announcement.

• Deutsche Bank lowered the price target on SolarEdge Technologies from $300 to $150. Deutsche Bank analyst Corinne Blanchard downgraded the stock from Buy to Hold.
• Roth MKM cut the price target on SolarEdge Technologies from $280 to $100. Roth MKM analyst Philip Shen downgraded the stock from Buy to Neutral.
• Goldman Sachs slashed the price target on SolarEdge Technologies from $254 to $131. Goldman Sachs analyst Brian Lee downgraded the stock from Buy to Neutral.

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