:max_bytes(150000):strip_icc()/GettyImages-1233808386-8c7e1cd8372946a49b9703836dc2466e.jpg?w=780&resize=780,470&ssl=1 "SolarEdge Stock Pops on Reported Analyst Double Upgrade")
Key Takeaways
- Shares of SolarEdge Technologies jumped after Goldman Sachs analysts reportedly gave the company a double upgrade.
- The analysts reportedly said concerns over SolarEdge’s debt may be overblown and that a recent restructuring may improve its product mix.
- Despite the gains Tuesday, SolarEdge stock is down nearly 85% in 2024.
SolarEdge Technologies (SEDG) shares rallied Tuesday after analysts at Goldman Sachs reportedly issued a double upgrade for the solar equipment maker.
Goldman bumped its rating up to “buy” from “sell” and raised its price target to $19 from $10, according to Investor’s Business Daily. That’s a 29% premium after shares of SolarEdge soared 20% to $14.78 intraday Wednesday. However, the stock is down nearly 85% in 2024.
The firm said that concerns over SolarEdge’s $350 million of debt may be “overblown,” the report said. In June, SolarEdge said one of its customers filed for Chapter 7 bankruptcy and likely would not be able to pay its $11.4 million debt.
Last month, SolarEdge closed its Energy Storage division, which it said would save the company $7.5 million in operating expenses by the second half of 2025. Goldman said the restructuring gives SolarEdge an opportunity to improve its product sales mix, per IBD.
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