Street View: SolarEdge faces challenging 2024 on European market
** Shares of SolarEdge Technologies SEDG.O fall 19.4% to $11.83 premarket as company reports bigger-than-expected loss due to a $1.03 bln write-down of assets
** Median PT of 35 analysts is $22
EUROPEAN RESIDENTIAL CHALLENGES WEIGH
** J.P. Morgan cuts PT to $18 from $29, maintains "overweight"; notes that CEO was hesitant to offer a firmer outlook in the U.S. on the heels of election result
** TD Cowen cuts PT to $11 from $16, maintains "hold"; says Q4 revenue and gross margin outlook well below expectations and elevated channel inventory in Europe is expected to continue into Q2 2025
** Roth MKM cuts PT to $12 from $20, maintains "neutral"; looks for shares to remain challenged on European market and competition from Tesla's Powerwall 3
** Notes that company said accelerated increase in demand for domestic content has reduced demand for some of the existing products in SEDG's current inventory, leading in part to the write-down
Reporting by Seher Dareen in Bengaluru
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