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BofA Securities Upgrades SolarEdge Technologies to Buy From Neutral After Stock Pullback on 'Transient Overhangs'

05/10/2021 07:23

11:11 AM EDT, 05/10/2021 (MT Newswires) -- BofA Securities raised its investment rating on SolarEdge Technologies (SEDG) to buy from neutral, citing the stock's pullback on the "transient overhangs" of a chip shortage and the latter's impact potentially lasting even into 2022.

"Once chip supply issues ease," BofA said in a note to clients, "both [SolarEdge] and peer [Enphase Energy] will [likely] be able to

deliver volumes in excess of downstream deployments given a need to replenish tightening channel inventory."

BofA, however, lowered its price objective on the stock to $276 from $306 on "the lower MTM across the sector." SolarEdge was down more than 3% in Monday morning trading.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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