GLJ Research raised the firm’s price target on SolarEdge (SEDG) to $6.90 from $3.90 and keeps a Sell rating on the shares. SolarEdge shares are up 70.7% over the past month, notes the analyst, who questions if the move is justified. The firm argues that the fundamental backdrop for SolarEdge shares is “actually worse today” versus when the stock was trading at $10.24 per share as the cost to fund a solar installation is actually higher. The Street’s assumptions on a herculean recovery in fundamentals “appear decidedly misplaced” and the firm continues to see both Enphase Energy (ENPH) and SolarEdge as “among the better (structural) short opportunities in the US stock market,” the analyst added.
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