SolarEdge Stock Surges Following Analyst Double Upgrade
Shares of SolarEdge Technologies (SEDG) surged on Tuesday after Goldman Sachs reportedly upgraded the solar equipment maker from "sell" to "buy" and raised its price target from $10 to $19, representing a 29% premium.
Goldman analysts suggested that concerns over SolarEdge's $350 million debt may be overstated. The upgrade comes after the company recently shut down its Energy Storage division, a move expected to save $7.5 million in operating costs by the second half of 2025.
Despite the stock's 20% intraday jump to $14.78, SolarEdge remains down nearly 85% in 2024. Goldman indicated the restructuring could improve SolarEdge's product sales mix and enhance its outlook moving forward.
Shares of SolarEdge Technologies (SEDG) surged on Tuesday after Goldman Sachs reportedly upgraded the solar equipment maker from "sell" to "buy" and raised its price target from $10 to $19, representing a 29% premium.
Goldman analysts suggested that concerns over SolarEdge's $350 million debt may be overstated. The upgrade comes after the company recently shut down its Energy Storage division, a move expected to save $7.5 million in operating costs by the second half of 2025.
Despite the stock's 20% intraday jump to $14.78, SolarEdge remains down nearly 85% in 2024. Goldman indicated the restructuring could improve SolarEdge's product sales mix and enhance its outlook moving forward.